It’s not all just charities and BNN appearances here at Wellington Financial. We also find time to put meaningful growth capital into the hands of talented management teams.
Our most recent financing was an $8 million facility to Elastic Path Software Inc. of Vancouver. The company builds commerce software that powers market-leading enterprises such as Google, Pearson, Symantec, Time, Virgin, and Western Union. You’ll find their software supporting websites, mobile apps, APIs, and smart devices. We’ve heard about Elastic Path over the years, but they’ve been able to bootstrap themselves to this point without bringing on venture capital. Although we usually finance firms that already have a VC sponsor, for a variety of understandable reasons, this situation truly warranted our True Growth Capital.
As Harry Chemko, CEO of Elastic Path said when our deal was announced: “As digital commerce moves quickly beyond websites and mobile apps into a new era of APIs and smart devices, there is tremendous demand for technology that will help businesses keep pace. With the support of Wellington Financial, we can now accelerate our innovation as we develop the software platform for this next generation of commerce. We look forward to working with them.”
Elastic Path’s success has been recognized on the PROFIT 100 list of Canada’s Fastest-Growing Companies for four consecutive years. We are proud to continue to back many of Canada’s best innovation companies. Special thanks to John Markell of Armentum Partners LLC for helping to close the financing.