This week, HIGHLINE fintech investment Control Mobile Inc announced an oversubscribed $1.5 million seed round led by Vanedge Capital and BDC Capital.
Control is a management and analytics platform for online payments founded by CEO Kathryn Loewen in 2014. The dashboard is available on both iOS and Android, and allows merchants to monitor, measure and manage their online payments from a unified place, earning the company the description of the “Hootsuite of online payments” by members of the media. (Hootsuite’s CEO Ryan Holmes is also an investor and advisor in Control.)
Kathryn announced the newly raised funds will be dedicated primarily toward talent acquisition and product development — like real time notifications via Apple Watch, snapshot summaries, and more advanced analytics.
“Having seen significant and sustained growth since day one, we are now expanding our product to encompass the multiple, relevant form factors our customers are asking for,” Kathryn said. “Businesses want access to relevant information within specific contexts. Control allows you to keep your finger on the pulse of your business and be in control of the most critical functions, from any location and any device.”
Q&A with Kathryn Loewen
What were the biggest surprises you encountered while raising your seed round?
How much legal documentation is involved. I think I could write the bar examination at this point with the amount of legal docs I have reviewed in depth. Also, even though my entire academic focus has been business-centric, you don’t learn anything about venture financing in business school.
At what point did you realize the round would be oversubscribed?
When my lead investor came in at the 11th hour with a firm term sheet, and I had to start turning other investors away.
Knowing what you know now, how would you have approached raising your seed round differently (if at all)?
I would not have spent one cent on any events where entrepreneurs pay to pitch. I also would have spent less time pounding sand at various pitch events. As it turns out, none of my funding came from any of the aforementioned sources.
Raising is incredibly time-consuming. Now that you’re done, what will you be focused on next?
Back to what I love: driving innovation, designing products, and shipping releases!
Anything else you want to add?
Thank you to everyone in the Vancouver tech community for your ongoing support, especially the team at HIGHLINE, Vivian Chan at Wavefront, Keith Ippel, Amy Rae at Vanedge, Ryan Holmes, David Tedman, Laurie Wallace, Michael Gokturk at Payfirma, Rob at Techvibes, the Control team, and the Invoke Media crew.
To learn more about Kathryn’s backstory and what led her to start Control, read our interview with her here.