Out with the old, in with the new.
Earlier this week TIMIA Capital announced its successful ‘exit’ from their financing for 7Geese which was acquired by Human Capital Management Leader, Paycor.
Yesterday event automation startup Attendease announced they raised $1 million of their own from TIMIA.
TIMIA provides financing to SaaS companies in exchange for payments based on revenue. The firm’s payments are tied to monthly revenue, increasing in strong revenue months and decreasing in low-revenue months, until the capital, plus a multiple, is repaid.
In the case of 7Geese, TIMIA provided a $1.75 million investment facility to 7Geese two years ago which was paid back in a combination of return of principal and interest totalling $2.26 million. A great example of a non-dilutive financing option.
Vancouver’s Attendease provides event teams with powerful event management software that serves as a foundation for all event planning and execution tasks. The Attendease platform is tailored to corporate event teams of all sizes, centralized or dispersed. It helps teams plan, manage, and execute any corporate event — regardless of whether it is big or small, online or in-person.
“Growing a SaaS business is really tough,” said Todd Heintz, CEO of Attendease. “If you’re doing it right, getting to $2 million in annual recurring revenue (ARR) should take a lot less time than getting to the first $1 million in ARR.”
Established in 2004, Attendease began its journey working closely with corporate events teams to build solutions to fit their unique needs. The company evolved from being a services business to become a full recurring revenue SaaS business. Today, Attendease boasts customers like Adobe, Autodesk, SXSX, Mattel, and NBC.
According to Heinz, the subscription side of Attendease’s business has grown between 50% and 100% annually for the past four years and is continuing to see strong growth in monthly recurring revenue.