Hamilton-based Weever Apps, a B2B SaaS company that creates workplace solutions to reduce the need for paper, has raised $1,625,000 in funding to support its new Process Manager software.
This new software aims to help food and drug manufacturers work in compliance with federal regulations.
The funding included a $500,000 loan from the federal government through FedDev Ontario, $500,000 from the MaRS Investment Accelerator Fund, $500,000 from GreenSky Capital, and $125,000 from undisclosed investors. The funding will be used to support the commercialization of its new Process Manager software, which launched recently.
“This cloud-based software includes innovative functionality, including audit trails and data integrity measures, which not only makes it a perfect solution for food and drug product quality, but it is also compliant with the Canadian Food Inspection Agency, U.S. Food and Drug Administration, and European Medicines Agency,” said Steve McBride, CEO of Weever Apps.
This software aims to help food and drug manufacturers streamline work in compliance with federal regulations in Canada, the US, and Europe. The investment will go toward building out this new software’s sales teams, which is anticipated to be five people.
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Founded in 2011, the company has developed various web applications used by corporate brands like Kellogg’s, Georgia-Pacific, Unilever, and Xerox to manage workflows, view real-time activity, and enhance business operations, including maintenance, safety, quality, training and human resources. Weever also raised a $900,000 equity investment from GreenSky Capital in September, to complete a business model transition from project-oriented revenue to a SaaS offering. It has also previously closed an undisclosed angel investor round.
“The Government of Canada is committed to supporting Canada’s scalable ICT firms, like Weever Apps, in the development and commercialization of their innovative technology to compete in new markets,” said Navdeep Bains, Minister of Innovation, Science and Economic Development. “Today’s investment is another example of how we can foster homegrown innovations.”
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