VanillaSoft, a tech-enabled sales engagement service, has received a $3 million loan from the Fonds Régional de Solidarité Outaouais (FRSO). This is in addition to a $1 million loan from Canada Economic Development for Quebec Regions (CED), announced last month, bringing the company’s total funds raised over the last month to $4 million.
“[The FRSO] has been, and continues to be, a valued partner as we embark on future growth.”
The company, founded in the US but running its Canadian operations out of Gatineau, Quebec, said financing from the FRSO and CED will be used to grow VanillaSoft’s R&D and sales teams as the company looks to expand across North America, and possibly internationally. VanillaSoft also said last month the initial loan from the CED would go towards improving its software platform by allowing it to implement artificial intelligence.
“Digital technology is changing the way things are done around the world and providing companies with outstanding development opportunities,” said Greg Fergus, Member of Parliament for Hull-Aylmer, back in April. “Not only is VanillaSoft helping the Outaouais region build a reputation as a leader in the field of artificial intelligence, but its expertise and the innovative technology it continues to export will allow it to create 30 jobs.”
Founded in Texas in 2005, VanillaSoft has developed a web-based software platform designed to allow sales teams to target, prioritize, and manage contacts with potential customers. The platform integrates communications by telephone, voice over internet protocol, email, and text messaging.
“The FRSO has supported VanillaSoft since the very beginning,” said David Hood, CEO of VanillaSoft. “They have been, and continue to be, a valued partner as we embark on future growth and the delivery of the best sales engagement platform available anywhere.”
The FRSO is a part of the Montreal-based VC Fonds de solidarité FTQ, a capital development fund that invests in local businesses to further the economic development of all the regions of Québec. The Fonds announced in March that it will invest $1 billion CAD per year, over three years, to support Québec energy and technology. The Fonds régionaux has so far invested $697 million in 1,095 projects since its creation in 1996.
“The financial support and incentives provided by the Government of Canada allow companies like VanillaSoft to thrive,” said Hood. “We have the opportunity to develop new markets and services and appreciate the continued support from CED for our local employees as we promote sales and business here in Quebec and beyond.”
Image courtesy VanillaSoft via YouTube.