Halifax Sales Software Company Receives $13-Million Investment
HALIFAX – A booming Halifax-based software company will get a chance to grow its product and customer reach even further. On Wednesday, it was announced Proposify has received $5-million in funding from the Canadian Business Growth Fund and Innovacorp (which handles an investment fund for Nova Scotia tech startups).
This is the second round of investment Proposify has received. The company previously received $8 million, so have now received $13-million in investment this year from the Growth Fund and Innovacorp.
Proposify sells a software system to sales teams, which makes creating sales proposals more streamlined, efficient, and accurate. Proposify’s system takes away the need to use multiple documents and other computer programs just to put together a solid proposal.
The software also provides analytical feedback to the salesperson, letting them know which sections a buyer spends most time reading and other information.
“For sales teams that send out a lot of proposals…there’s often a lot of bottlenecks associated with that process,” said Kyle Racki, the co-founder and CEO. “They take too long; a lot of time they’re using word documents and searching their emails, copying and pasting information in new documents.”
“Our software helps sales leaders get more control and more consistency into their documents, so sales reps are spending less time on them and they’re more accurate.”
Racki first realized the need for such a product in 2005, when he worked in design and saw the confusion and complications of putting together a decent sales proposal. He co-founded and launched Proposify in 2014.
Since then, the company’s customer base and revenues have been steadily growing. It currently has more than 10,000 customers in nearly 40 countries.
Last year, the company ranked 45th in the Deloitte Technology Fast 50 list, for growing its revenue by 414 percent between 2016 and 2019.
In May, Proposify created a free version of their product for people to use. Prior to that, users had a 14-day trial before having to decide whether or not to buy. Now potential customers have unlimited time to test the sales software before deciding to upgrade to the full platform.
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