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Danielle Degrace, CEO of ProcedureFlow. Image: submitted

Saint John Tech Firm Receives $11.8-Million Investment

By Sam Macdonald Jul 29, 2022 | 8:35 AM

ProcedureFlow, a Saint John-based software-as-a-service company, announced this week that it had raised $11.8-million, with investments from the Canadian Business Growth Fund, the New Brunswick Innovation Fund, and Halifax-based venture capital firm Sandpiper Ventures.

ProcedureFlow specializes in knowledge management, making complex information easy to use for employees across a swath of industries.

Sandpiper is a female-led Atlantic venture capital company that specializes in helping other women entrepreneurs.

Rhiannon Davies, the co-founder and Managing Director of Sandpiper, said the firm’s investment in ProcedureFlow will help “some of the strongest, hardest working female business owners in the world.”

In the past four years, ProcedureFlow has grown its user base by 600 percent, serving industries that include banking, financial services, insurance, health care, utilities and 311-centres.

Davies told Huddle the funding will help ProcedureFlow move into new sales territories and expand its exports of products and services.

“The capital will be used to continue to grow the sales pipeline, build the technology and build the team that’s going to take this to the rest of the world,” she said.

Davies, who grew up in New Brunswick, said it’s great to give back to another New Brunswick company.

“It’s wonderful to be able to participate – and that’s exactly what we’re designed to do,” she said.

ProcedureFlow CEO Daniella Degrace welcomed the funding as a sign of Sandpiper’s broader vision for female entrepreneurs.

“We are fortunate to have this team of leaders in our region who are fostering the talent and ambition of founders,” said Degrace in a release. “The biggest problem so many organizations are facing is how to achieve a consistent level of expertise from their employees across the company, regardless of their tenure, role or experience level,” Degrace said.

Huddle reached out to Degrace but didn’t hear back before publication time.

Sandpiper also receives investment

Sandpiper also secured $3-million in new funding from Opportunities New Brunswick (ONB) for its funding and mentorship of companies led by women in the region.

Davies says the ONB investment will go toward supporting N.B. women entrepreneurs. Sandpiper focuses on seed-level investment in Atlantic Canadian companies with a least one female executive and gender-equal company ownership.

“We are proud to be working with partners like Opportunities NB to serve these incredible entrepreneurs, creating the capacity to bring their tech-enabled companies to bigger audiences,” said Davies.

Davies said the funding round is significant for Sandpiper, driven by many “significant and seasoned investment funds that have collaborated around the opportunity ProcedureFlow is creating.”

“From Sandpiper’s perspective, it’s exactly the right time to be deploying capital in companies that are building on opportunities in New Brunswick,” said Davies.

Sam Macdonald is a reporter with Huddle, an Acadia Broadcasting content partner.


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