Ontario-based startup Fusebill offers payment solutions and automated billing for subscription based companies. The Canadian startup has successfully secured $2 million from Covington Capital and Omers Ventures on Tuesday, April 16th. On the occasion the Canadian startup revealed that the secured funds will help the company to carry out its plans and “position itself as a significant player” in the budding small to mid analytics space for SaaS billing.
The CEO of Fusebill, Steve Adams said that, “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.”
“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,” according to TechVibes.
Managing Director at Omers Ventures Derek Smyth said, “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.”
According to the expectations of Gartner, a research firm, by 2015 over 40 percent of the companies that will be selling digital and media products will completely depend on subscription management systems in order to administrate their customer lifecycle.
SVP Investments of Covington Capital Matt Hall said, “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.”
Fusebill was founded about two years ago in 2011, when the founders felt the need for a flexible, affordable and automated payments and billing platform that could resolve billing issues of the “real world.” The startup provides an ideal solution for small and mid level businesses that have customers. In addition to this, Fusebill takes pride in itself for offering friendly service and support, as it assists its customers to reduce their expenses and speed up the collection of cash.
Source: TechVibes
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