ChainSync, a scalable franchise management system, has raised a seed round entirely from one angel investor.
The London-based software startup raised $500,000 from an unnamed angel. ChainSync says it now plans to bring more jobs to the Ontario city's tech corridor in the SoHo neighbourhood. Five full-time employees will be hired, according to the Canadian company.
"This round of growth funding will help us further expand into more franchise industries and we’ll be hiring new staff in sales, customer support and development to make this happen," says founder Mike DeLorenzi.
ChainSync was founded in early 2012 by DeLorenzi while he was a 22-year old student at Western University. At that time he was also running Inspiratica, a successful web development company which currently employs over 20 Londoners. The idea for ChainSync software stemmed from Inspiratica’s work with multiple franchise businesses that lacked a comprehensive, streamlined franchise operations system.
“ChainSync began with the vision to make it easy to run a franchise enterprise," said DeLorenzi. "In our first two and a half years we’ve successfully funded our operations from user subscriptions and implementation revenue.”
The company has 500 active franchisee users.