– L-SPARK Stakes Claim as SaaS Capital of Canada with Debut of Eight Innovative Enterprise Software Startups
OTTAWA, ON – September 18, 2015 – Canada’s leading Software-as-a-Service (SaaS) Incubator and Accelerator, L-SPARK, presented the ‘Best in SaaS’ at the graduation of their inaugural 2015 cohorts. Founders of the two companies from the nine-month Accelerator program and six companies from the four-month Incubator program presented their achievements to a jam-packed audience of more than 350 mentors, advisors, investors and corporate partners at Canada’s premiere SaaS Showcase.
The Better Software Company featured their software solution for small business owners – a fully integrated application that enables independent operators to automate their business processes, saving them both time and money. While in the Accelerator program the Better Software team increased revenues by 400% and grew to over 45 employees. The Better Software Company closed a total investment of $840k while in the Accelerator program and at the graduation event, founder Steve Cody announced their intention to complete a Series A funding round with both Canadian and US investors.
Renewity RMA, the second of the two Accelerator companies, showcased their comprehensive product returns management software that already serves the needs of name brand customers such as Panasonic Industrial Devices, Bridgewave and Instantel. Renewity RMA unveiled their new brand and messaging as a result of their participation with L-SPARK in the Accelerator program.
Incubator graduate ZINation, an automated merchandising platform for e-commerce storefronts, launched their Product Catalog builder on Shopify in April of this year. Additionally, ZINation announced the launch of their second platform integration on e-Bay owned e-commerce site Magento in September. The company’s platform has been adopted by several thousand businesses, managing tens of thousands of digital assets already.
InvataCloud offers Adobe Connect managed hosting services focused on Learning Management Systems (LMS’s). During the Incubator program, InvataCloud leveraged the L-SPARK corporate partnership with Microsoft BizSpark extensively, and recently announced their position as the first Canadian company to leverage $120k in Azure credits that are made available through the program.
Mydoma Studio offers a customizable eDesign portal that streamlines the workflow of interior designers. Mydoma conducted a Beta customer testing program and formally launched its commercial product during its time in the L-SPARK Incubator program.
Cliniconex creates patient reminder and survey software that integrates with electronic medical record (EMR) solutions. It makes patient scheduling more efficient and effective, reducing the risk of patient no-shows that affect physicians’ revenues. During the program, the company developed new partnerships with leading Canadian EMR vendors.
Punchtime has created a time-tracking software application for companies with remote employees, enabling them to punch in and out using their mobile phones. Employers can then track this information and easily integrate with accounting software – reducing errors and helping employees get paid faster. After gaining validation from early adopters, Punchtime transitioned beyond their customer trial phase during the L-SPARK Incubator program.
Target Fuel is a cloud-based software service that enables website content to be added, updated and managed by marketers and non-technical staff, helping to improve website customer engagement and increase conversion rates. While in the Incubator, Target Fuel launched their new WebStage suite, as part of a comprehensive transformation of their go-to-market strategy.
“We are thrilled with the accomplishments of our 8 inaugural Incubator and Accelerator graduates,” announced L-SPARK Managing Director Leo Lax. “This is not the end – the L-SPARK doors will remain open to our alumni and our team, mentors and advisors will continue to offer their support to this inaugural cohort.”
L-SPARK’s second accelerator cohort will be chosen by a committee of investment and corporate partners on September 29th. This fall, the L-SPARK team will also hit the road on the hunt for the best SaaS Startups to join their second Incubator cohort, with applications for that program opening on October 5th, 2015.
L-SPARK is an Ottawa-based Incubator and Accelerator with a laser focus on the Enterprise Software market. By providing entrepreneurs and startups with access to industry mentors, sector-focused venture capital firms and angel investors, the objective of L-SPARK is to create a deal flow of fundable enterprise startup companies and support an enterprise-focused startup ecosystem in the region. L-SPARK will arm innovative entrepreneurs with the tools and support to be more agile, more competitive and more profitable. L-SPARK seeks innovators who can create software that keeps up with and accelerates the rapid growth of their customers, leads the rapidly evolving technological landscape, and redefines the enterprise landscape. L-SPARK is supported by Wesley Clover International and Invest Ottawa. Visit us at www.l-spark.com, connect with us onlinkedin.com/l-spark or follow us on Twitter @LSPARKGlobal.
Kevin Moogan, Vested