GoCanvas, a US-based app development platform backed by data communications and telecommunications equipment provider Motorola Solutions, obtained $150m in funding on Thursday from investment firm K1 Investment Management.
The transaction has given K1 a majority stake in GoCanvas, according to several press reports, though no such mention was made in the official media release and GoCanvas referred to the deal only as a “partnership” in a blogpost.
GoCanvas’ management remains with the business following the transaction.
Founded in 2008 as Canvas Solutions, GoCanvas has created a platform for businesses to build mobile apps and edit them with drag and drop functionality. Companies can use an app store to download more than 20,000 existing templates and applications.
The apps are capable of collecting information through forms, take photos, scan barcodes, capture signatures, take card payments and locate users through GPS. Businesses can upload their own databases, such as client or product lists, into the app.
GoCanvas will use the investment to accelerate platform development, drive international expansion and sales efforts, and grow brand awareness.
The company previously raised a total of $21.1m, according to media and regulatory documents. Motorola Solutions Venture Capital, the corporate venture capital arm of Motorola Solutions, first led a $1.2m series B round in 2011.
Motorola returned in 2013 to contribute to a $4m series C round led by investment firm Osage Venture Partners, with the latter also co-leading a $9m series D round in 2014 with River Cities Capital Funds. The series D also featured Camber Capital.
Osage Venture Partners and River Cities Capital Funds subsequently led a $4m bridge round in 2016.
James Quigley, CEO and Founder of GoCanvas, said: “We decided to partner with K1 because they are more than just a source of capital.
“First and foremost, we recognise a deep cultural alignment between GoCanvas and K1. They believe in our vision of helping customers ‘do more’ through workflow automation and data collection, and we both understand the importance of company culture to business success.
“Additionally, K1 has an impressive track record of helping growth-stage companies scale through its operations capabilities.”
