A Victoria startup software developer’s next stage of growth will be fuelled by a $1-million cash injection after a round of seed financing.
Shift, which has developed productivity software to improve workflow, will use the money to finalize its independence from parent company Redbrick, expand its workforce and improve its product.
“This is giving us the fuel under our fire to keep up the momentum of our growth and keep us growing at the rate we are,” said newly appointed chief executive Nadia Tatlow.
Shift claims to have seen growth in excess of 10 per cent each month and now boasts 35,000 users, which translates into annual revenue of about $3.5 million.
It went from $100,000 to $1 million in revenue between 2017 and 2018.
The two-year-old company has grown to 15 staff from seven over the past year, and Tatlow said it will likely grow again.
“We will be looking closely at where to expand the team,” she said, adding the higher-growth phase could come in a year, when they intend to seek a larger round of financing. “Right now we are at a good place with the size of the team.”
Shift is billed as a productivity platform that will streamline and optimize workflow by managing multiple applications and accounts, without having to log in and out or opening up a browser.
Tatlow said they are using a variety of means to spread the word about Shift, from social media and word of mouth to finding adopters within companies that act as productivity ambassadors — willing to share with colleagues how they use Shift to manage their own workflow and save time.
Users pay an annual $100 subscription fee for Shift.
The $1-million seed round of financing was led by Calgary-based venture capital fund Panache Ventures. Redbrick committed $500,000 through debt financing.