BC Business
Katherin Berry | BCBusinessAllocadia co-founder Katherine Berry presenting at a conference last March.
Allocadia Software, a Vancouver company that develops online enterprise software for administering marketing budgets and measuring performance, announced Thursday that it had closed a $7 million round in financing.
Altos Ventures, a California-based venture capital firm, and iNovia Capital, a previous investor in Allocadia based in Montreal, led the $7 million round of financing. Illuminate Ventures, Beehive Holdings and industry veterans Don Mattrick, the B.C.-born CEO at Zynga, and Norm Francis, also participated in the latest round.
Founded by Kristine Steuart and Katherine Berry, who happen to be twin sisters, Allocadia sells its enterprise software to large corporate customers like Juniper Networks, VMware and HootSuite. Steuart credits their sales to date for attracting investors.
While the company has around 35 employees, it plans on doubling its head count over the next year, says Steuart. “We’ll be investing heavily in sales and marketing, and continuing along in product innovation,” she says.
Steuart launched Allocadia with her sister, then a graduate student in Norway, in 2010, after having spent time at Crystal Decisions’ Vancouver R&D office (now SAP Canada). She credits her time there—and the frustrations she encountered as a marketing manager—for the idea behind Allocadia. “I experienced this business-pain first-hand,” she says.
As for the company’s near-term plans: “We’re looking to put the money to work and see where that takes us,” says Steuart.