Canvas, a provider of mobile apps for businesses, has closed a $4m Series C funding round led by early stage-focused Osage Venture Partners, with participation from existing investors including corporate investment firm Motorola Solutions Venture Capital.
Canvas’ Application Store has several thousand ready-made apps that can be customized to suit individual businesses.
“Canvas was overwhelmed with the enthusiasm demonstrated by the investor community for our results and vision,” said James Quigley, CEO, Canvas. “Revenues accumulated by the global mobile application market are expected to grow from $25 billion by the end of 2013 to $98bn in 2018, according to ABI Research. Despite the outsized number, there is reason to believe we have only scratched the surface for adoption of mobile apps, and with this new funding support, Canvas remains uniquely positioned to capitalize on this growing and untapped market opportunity.”
The financing will be utilised to further build out capabilities and functionality for Canvas, to expand and support subscribers in markets across the globe, and to accelerate usage of MyCanvas, a secure, personal data cloud that provides consumers and business users with searchable access to important and useful data collected about them via the Canvas service.
“Canvas has assembled a tremendous leadership team, roster of customers and innovative cloud platform that radically transform how businesses and individuals connect,” said Nate Lentz, managing partner, Osage Venture Partners. “It is exciting to see a company positioned to disrupt old school data collection methods by presenting a dead simple user experience that appeals to a broad cross section of businesses from doctors’ offices and electricians to oil field services and service repair companies. This makes Canvas a multi-vertical solution that addresses the projected doubling of connected workers globally from one billion to two billion over the next five years by extending enterprise solutions to mobile workers.”
Osage Venture Partners is located just outside of Philadelphia, and invests in early stage enterprise technology companies in the Mid-Atlantic region. It raised its first fund in 2005, and has invested almost exclusively in enterprise software companies.
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