El Segundo-based private equity firm K1 Investment Management invested $150 million in GoCanvas Inc., a privately held provider of mobile applications and forms needed for data collection and sharing.
GoCanvas recently opened a second office in Sydney, Australia, and is ramping up operations through hiring, and establishing business ties to sell its mobile applications forms to small and medium-sized businesses, a spokeswoman said.
GoCanvas is a mobile platform that helps businesses automate how work is done, replacing outdated processes and expensive paperwork.
“We decided to partner with K1 because they are more than a source of capital,” said James Quigley, chief executive officer and founder of GoCanvas.
“First and foremost, we recognize a deep cultural alignment between GoCanvas and K1,” Quigley said. “K1 has an impressive track record of helping growth-stage companies scale through its operations capabilities.”
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329.
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