Syncapse says its business is "sizzling HOT" and "growing fast and furiously" less than a month after
it announced it had secured $2 million in financing through the Business Development Bank of Canada. Earlier in the year, the company had raised $3.3 million in capital through another round of financing, and it says it has invested $10 million this year in product development. As a result of the rapid expansion, the company is
hiring 10 new staff in its Toronto office now.
Founded in 2007, Entertainment District-based Syncapse is a social media provider that builds software that allows marketers to set up their own social media environments to establish relationships with customers. In three years, the company claims 700 per cent revenue growth and contacts with 60 million consumers. They have also established offices in New York, London and Portland, and been named on multiple "companies to watch" and "fastest growing" lists as it was named to Facebook's preferred developer program.
Earlier this month,
in announcing the BDBC financing, Syncapse President and CEO Michael Scissons said that the funding would accelerate research and development for their suite of products, and sure enough many of the current positions available are in development. BDBC executive Robert Duffy said in a statement that the financing indicates that Syncapse is "setting the agenda for growth" in a rapidly developing sector. "Syncapse's early successes demonstrate the strength of its business plan
and the vision of its management team. We look forward to its continued
global expansion."
Writer: Edward Keenan
Source: Michael Scissons, President and CEO, Syncapse