Fusebill, a provider of automated subscription billing and payment solutions, this morning raises $2 million from by Omers Ventures and Covington Capital.
The Kanata, Ontario-based startup says the financing will provide it with the necessary capital to execute its strategy, and "position itself as a significant player" in the growing small-to-mid market SaaS billing and analytics space.
"Fusebill provides our customers a simple way to manage the complexities of subscription billing and invoicing. We are thrilled with the support of OMERS Ventures and Covington Capital. The investment provides us the resources to continue our rapid expansion," says Steve Adams, CEO of Fusebill.
With the increasing adoption of SaaS and mobile technologies within the enterprise, many businesses are turning toward subscription-based business models hosted in the cloud. As this shift occurs, Fusebill believes that billing services will become core to the online operations of these organizations. The Canadian startup's software replaces manual processes and homegrown systems, and helps clients manage the customer lifecycle.
"Fusebill fills a big gap for small and medium-sized businesses that in the past haven't been able to access or afford this kind of technology. This, combined with a very experienced management team which has achieved great success together in the past, makes Fusebill a very compelling investment for Omers Ventures," says Derek Smyth, Managing Director of Omers Ventures.
Research firm Gartner expects that, by 2015, more than 40% of companies selling media and digital products will rely entirely on subscription management systems to manage their customer lifecycle.
"Fusebill is positioned to be a market leading recurring billing platform for the small-to-medium market. We are excited to partner with Fusebill's complementary management team and Omers Ventures in building this business," added Matt Hall, SVP Investments of Covington Capital.
Fusebill was founded in 2011.