Kanata, Ont.-based Fusebill, a developer of automated payment and billing solutions, has closed a $2 million Series A financing round led by Omers Ventures and Covington Capital.
“Fusebill provides our customers a simple way to manage the complexities of subscription billing and invoicing. We are thrilled with the support of Omers Ventures and Covington Capital – the investment provides us the resources to continue our rapid expansion,” said Steve Adams, Fusebill’s CEO, in a statement.
Fusebill offers a cloud-based automated billing platform licensed on a subscription basis, allowing small businesses to manage recurring billing needs for their customers, including invoicing, payment processing and a customer account portal. It offers small business and corporate/enterprise editions, as well as editions designed to meet the needs of specific verticals, such as media or technology companies.
The vendor said the new investment will give it the resources for continued expansion.
“Fusebill fills a big gap for small and medium-sized businesses that in the past haven’t been able to access or afford this kind of technology. This makes Fusebill a very compelling investment for Omers Ventures.” Derek Smyth, managing director of Omers Ventures.
Current Fusebill customers include Silanis, Conceptshare and Nuvio, and Adams said he expects further growth in the next two years as subscription business models become more prevalent.