Canvas (TechBUZZ ’11 Spring) Announces $9 Million Investment from River Cities Capital Funds and Osage Venture Partners

Canvas, the global leader in mobile apps for collecting and sharing business information, today announced it has secured a $9 million investment led by River Cities Capital Funds and current investor Osage Venture Partners. The round also included participation from existing investor Camber Capital (formerly Berman Venture Capital).

Canvas is a cloud-based software service and mobile app platform that enables businesses to replace expensive and inefficient paper forms and processes with customizable mobile apps for smartphones and tablets, with no programming or IT required. Canvas empowers businesses of all sizes to collect information using mobile devices; instantly share that information with colleagues, partners and customers; and seamlessly integrate the data with their businesses’ existing backend systems so that decision makers gain access to accurate, real-time information from their workforce.

Canvas is on pace to achieve triple digit annual revenue growth for the fourth consecutive year, and the company has recently reached several other key milestones:

➢ Businesses each month submit and save more than 500,000 documents to the Canvas cloud. This is the equivalent of saving a ton of paper every 5 days.
➢ Canvas now has more than 40,000 paid subscribers and customers, including 27 customers in the Fortune 1000, and across a broad range of industries.
➢ There are now more than 15,000 apps in the Canvas mobile business application store – apps that can easily be downloaded, customized and shared by Canvas’ growing community of partners and subscribers.
➢ Canvas subscribers span 65 countries and use 10 different languages, including German, Turkish, and Mandarin Chinese.
➢ Canvas has active strategic partnerships with some of the largest telecoms – including Verizon, Sprint, Telstra and Globe – on three major continents.

River Cities Capital Funds