We’ve got great news.
We’re thrilled to share that we’ve raised $25M in new funding! Our first-ever venture financing was led by Round13 Capital with participation from Scotiabank Technology & Innovation Banking and existing investors.
With these new funds, we’ll be able to continue our mission to simplify in-house payroll and build better workplaces for mid-sized companies across Canada.
What’s the plan?
We’re all about simplifying the lives of our clients. It’s our goal to make it easier for them to do their jobs so they can take care of what matters most - their people. This injection of capital will support our efforts. We’re going to start by expanding our engineering and product teams to accelerate the development and enhancement of our cloud platform.
Why focus on the cloud?
According to a 2020 Canadian Payroll Association survey, almost half of Canadian businesses (47%) were still using on-premise payroll technology. In January 2021, we announced the phase-out of our on-premise deployment with the long-term objective of enhancing the Avanti experience. Moving to a 100% cloud-based deployment model allows us to improve our products in multiple ways – from seamless software updates and enhanced security to faster new feature deployment.
We plan on continuing to leverage our 40+ years in the industry and partnering with our fantastic client base to ensure we get this right. This new capital will help us to improve the core services we offer incrementally. It allows us to be thoughtful about how we build, maintain, and deliver our cloud product.
What does this look like moving forward?
- We’re laser-focused on strengthening our infrastructure and continuing to deliver the most secure payroll options to the organizations we serve.
- We’re championing our pairing of payroll and time and attendance services to deliver unparalleled functionality and a fantastic user experience.
- We’re prioritizing the development of next-gen employee experiences to coincide with the changing nature of work and the explosion of distributed workplaces.
- We’re enhancing our existing tools to give our clients full control of their data and the knowledge on how to use it to their advantage.
Why now?
So why has Avanti decided to pursue funding after 40 years of successful bootstrapping? The answer is simple: we want to deliver a superior product to our clients, now and in the future. Raising this capital now allows us to build the foundation for our company’s long-term success. This raise will help us to better anticipate our client's needs and deliver value more quickly and efficiently.
Having served the Canadian market for over four decades we feel well-positioned to move forward with a purpose-built, HCM solution that provides a higher standard for our clients and for all mid-market companies in Canada.
With Gratitude
We feel incredibly fortunate to be in the position of leading Avanti today. Raising capital was only possible due to our absolutely exceptional clients and the supporting community, which have been advocates for Avanti over the years.
We simply can’t wait to put these funds to work for our clients and the Avanti team.
Thank you,
David Owen Cord + Amin Lalani
Co-CEO’s of Avanti
Let’s continue the momentum
Come help us build better workplaces! We’re looking for talented, passionate people to join our team.
See what all the fuss is about. Take a tour of the Avanti experience!
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Get the full story
Want an in-depth look at Avanti and our first-ever venture financing? You’ll find all the pertinent details and more in our press release.
