RCCF Fund V portfolio company, GoCanvas, Inc., a leading provider of mobile applications and forms for data collection and sharing, announced it has secured an investment of over $150 million from K1 Investment Management (K1). With the investment, GoCanvas will accelerate enhancements to the platform, scale global operations to meet increasing customer demand, increase brand awareness, and grow worldwide sales.
As a result of this transaction, RCCF V achieved a profitable outcome on its investment and maintained a meaningful ownership interest in the company.
“We're excited that River Cities will continue to be involved on this next leg of our journey as we strive toward building further value. The team at RCCF believes in active collaboration - committing to engaging with leadership teams, and not just in board meetings, to digging in and doing the work needed to help build successful companies,” says James Quigley, CEO and Founder of GoCanvas.
GoCanvas’s platform provides mobile and tablet interfaces for filling out forms and collecting data, which is then stored online through a cloud model. Applications offered by the company allow businesses to simultaneously decrease paper usage, automate workflows, and operate more efficiently.
“We decided to partner with K1 because they are more than just a source of capital,” said James Quigley, CEO and Founder of GoCanvas. “First and foremost, we recognize 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.”
“Before implementing GoCanvas, we managed all our information through Excel spreadsheets and email, which really hindered the company’s growth,” said JB Haller, President and CEO at US Inspect, the leading residential inspection company in the United States. “After adopting GoCanvas, it didn’t take long to streamline a lot of the forms. The platform was easy to use and has saved the company thousands of hours of tedious labor and really gave us a competitive edge.”
Companies using GoCanvas’s platform span a variety of industries and include more than 6,000 total customers. Notable customers include Sprint, Red Bull, Post Consumer Brands, LendLease, The Co-operative Group, and the Mirvac Group, as well as thousands of other domestic and global organizations.
“K1 is excited to partner with GoCanvas as both of our organizations have closely aligned visions – to help businesses grow through improvements in productivity and automation,” said Neil Malik, Managing Partner and Founder of K1. “GoCanvas solves more than 20,000 use cases across a variety of industries, resulting in revenue tripling over the past two years. We look forward to helping James and his team fulfill this vision of empowering businesses to ‘do more’ for their customers.”