QuickMobile, which specializes in the design, development and production of custom mobile apps for meetings and events, has secured $3.3 million in funding that it plans to use for continuing its rapid international expansion, strengthening its infrastructure, boosting its marketing efforts and advancing new product development, it announced last week.For a recap of the week's top stories, check out MeetingNews Minute:
The funding — led by the BDC IT Venture Fund, a Canadian venture capital fund, with additional contributions from angel investors and Vancity, Canada's largest credit union — follows $2.6 million of equity investments received in 2011 from angel investors and Vancity.
"It's evident that mobile technology is impacting all aspects of our lives and is also transforming the event industry with its inherent capabilities to connect and engage," said QuickMobile President and CEO Patrick Payne. "BDC IT Venture Fund is a major venture capital investor in Canada, and its investment team understands the market opportunity for QuickMobile and fully supports our approach to lead the industry in flexibility, scale, reliability, innovation and technology. With this investment, we will further expand our focus on Fortune 1000 companies, advance our ability to provide leading-edge solutions to the industry and increase our global sales and support footprint."
In September, QuickMobile announced that it is on pace to achieve 400 percent growth while downloads of its custom meeting apps have surpassed one million in early 2012. According to the company, its growth is coming from a strong demand from Fortune 500 customers and a growing partner channel, which added 15 new reseller and referral partners so far this year. The company also recently added its 100th employee and expanded its company headquarters in Vancouver.
"Mobile is a huge, emerging space, from major advances in devices to the mobile apps that are targeted to the enterprise," said BDC IT Venture Fund Partner Andrew Lugsdin. "Among the industry's innovators is QuickMobile, which has a market-leading, proven solution that is used by a growing number of Fortune 500 companies. QuickMobile is led by a passionate and experienced team, which has identified significant market opportunities that will allow the company to continue to innovate and grow. BDC IT Venture Fund is excited to be a partner on this journey."