The funding round for the digital information management software company was led by Toronto-based First Ascent Ventures and Export Development Canada. Two thirds of the investment was equity while the rest was debt financing, Karson Simpson, a Shinydocs spokesperson, told The Logic. Debt was provided by the Federal Economic Development Agency for Southern Ontario (FedDev) and another unnamed lender, she said. (The Logic)

Talking point: Shinydocs’s software service automates the process of finding and identifying files, documents and media buried in the digital repositories of large organizations like governments, financial services or oil and gas companies. “Approximately 90 per cent of an organization’s corporate data is unstructured,” said Jason Cassidy, CEO of Shinydocs, in a release. The funding will be used to help scale the business. FedDev’s $4M part of the raise came as an investment in October 2022 to help the company enhance its technologies and increase sales, with the goal of creating more jobs in the Kitchener-Waterloo region.