Vancouver's Sutus Inc. announced yesterday that it has secured $2 million in venture funding from BDC Venture Capital, the Working Opportunity Fund, managed by Growthworks Capital Ltd. and an additional $2.5 million in debt financing from MMV Financial Inc. In addition to the new funding, Sutus announced the addition of Mike Donnell as CEO, who brings with him over 25 years of executive leadership experience in the telecom and software industries.
Founded in 2002, with over $15.5 million invested into its technology, Sutus is focused on the small business office communications market with its Business Central product. The new funding will be used to accelerate sales, leveraging the traction Sutus has established in the market since launching its flagship product in late 2007.
Greg Aasen, chairman of Sutus' board of directors, commented, "We are thrilled that Mike has joined us and will be leading the next phase of the company's growth. Mike's experience in leading both public and private companies to profitability, as well as his successful track record in fund raising, channel expansion and new product development will be instrumental in Sutus' future success. His background in service provider organizations as well as vendors to tier-1 service providers will ensure Sutus' development into a leading partner to the service provider community."
GrowthWorks is a recognized leader in the Canadian venture capital industry, specializing in the management and growth of regionally based venture... [more]
At Sutus we are focused on providing Small Businesses with the complete office communication and IT solution needed to effectively compete in... [more]
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies... [more]
