Round13 Capital led the funding round for the Calgary-based software company, which provides payroll, HR and workforce-management tools. Scotiabank’s Technology Innovation and Banking group provided roughly $15 million in debt financing while Round13 supplied the remaining $10 million in equity. Brahm Klar, general partner at Round13, will join Avanti’s board of directors. (The Logic)
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Round13 Capital led the funding round for the Calgary-based software company, which provides payroll, HR and workforce-management tools. Scotiabank’s Technology Innovation and Banking group provided roughly $15 million in debt financing while Round13 supplied the remaining $10 million in equity. Brahm Klar, general partner at Round13, will join Avanti’s board of directors. (The Logic)
Talking point: Avanti said it will use the funds to make its platform entirely cloud-based by the end of this year, part of a years-long strategy to break away from local servers. The company currently has around 300 clients including GoodLife Fitness and Winnipeg-based Princess Auto. Since becoming co-CEOs at Avanti, Amin Lalani and David Owen Cord say they have sought to reinvigorate the company, which has been in operation for more than 40 years. “We probably don’t fit the typical mold of a venture-backed business,” Owen Cord told The Logic.
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