Userful, a Calgary, AB-based leading platform-as-a-service provider in the Enterprise AV-over-IP market—the fastest-growing segment of the IT industry announced that it closed $10 million in funding, following on seed financings of $3M.
The round was led by Yaletown (Vancouver) and BDC Capital’s Industrial, Clean, and Energy Technology (ICE) Venture Fund (Toronto). In addition, Birchcliff Partners, Accelerate Fund, and other Series A investors recommitted with greater than pro-rata participation.
The investment is expected to accelerate Userful’s current growth by funding sales and marketing expansion, new product development, and ecosystem partnerships for its platform.
Company: Userful Corporation
Funding Month: May 2022
Lead Investors: Yaletown (Vancouver), BDC Capital’s Industrial, Clean, and Energy Technology (ICE) Venture Fund (Toronto)
Additional Investors: Birchcliff Partners and Accelerate Fund
Company Website: https://www.userful.com/
Software Category: Digital Signage Software
About the Company: Userful is the world’s leading platform-as-a-service provider in the Enterprise AV-over-IP market—the fastest-growing segment of the IT industry, forecasted to grow from today’s $3B to $51B by 2027, a 60 percent 5-year CAGR. Userful’s Visual Networking Platform is disrupting the market with a Platform-as-a-Service (PaaS) model that allows customers to choose from a suite of highly-integrated AV applications (SaaS offerings, secure, SSO, integrated UI) to support modern service needs across the enterprise. From corporate signage to control room solutions to streaming platforms and data metrics, Userful's solutions enable modernized business operations for IT leaders and the functional departments they support. Userful helps organizations advance the way they work, learn and govern with secure, scalable, and centrally managed solutions for employee and customer engagement worldwide.