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QuickMobile adds $1.3 million investment from Vancity

QuickMobile adds $1.3 million investment from Vancity

Vancity's role

Community Capital is part of Vancity’s Community Investment division, which provides growth capital to profitable high-impact BC based businesses, social enterprises, social ventures, and not-for-profit organizations. The Community Capital team develops alternate forms of business financing - lending and equity investments that are designed to drive social and environmental impact to help communities thrive.

VANCOUVER (November 1, 2011) - Vancity is stepping forward with a $1.3 million investment in QuickMobile, a fast-growing mobile app developer based in Yaletown.

The company has a specialized application that aggregates information about corporate meetings, conferences and conventions – replacing print programs with interactive, up-to-date information.

According to QuickMobile president and CEO Patrick Payne, 87 per cent of business travellers carry a smartphone.

The company's clients have already included Meeting Professionals International, the World Economic Forum, Microsoft, Google, Hilton and Disney.

The Vancity funding boosts recent investment in QuickMobile to $3.6 million. The company said in a news release that the funds will support expansion of an international customer base, innovation and new product development

"The recent investments are validation of our efforts and signs of confidence from the investment community in our team and technology," Payne stated in the release."

"We were truly impressed with both the company's growth, ranked as the 12th fastest growing company in British Columbia by Business in Vancouver, and positive impact of reducing paper waste by conference organizers," said Todd Farrell, investment manager with Vancity's community capital group. "QuickMobile is a great example of a company executing on a compelling commercial opportunity as well as delivering positive environmental and social benefits."

Article courtesy of the Vancouver Sun.
Read the full QuickMobile media release.