TLDR:
- Maxa, a Montreal-based startup, has raised $28.7 million CAD in Series A funding for its data automation and analytics platform for ERP.
- The funding was led by Framework Venture Partners and BDC Capital’s Industrial Innovation Venture Fund.
Montreal-based startup Maxa has secured $28.7 million CAD ($21 million USD) in Series A funding for its data automation and analytics platform for enterprise resource planning (ERP). The funding, co-led by Framework Venture Partners and BDC Capital’s Industrial Innovation Venture Fund, also saw participation from existing investors AQC Capital and Graphite Ventures, as well as new investors Snowflake Ventures, Amiral Ventures, and NAventures, the venture arm of the National Bank of Canada.
Maxa co-founder and co-CEO Alexis Steinman stated that the new funding will support product development, go-to-market strategies, and customer self-serve capabilities. The startup, founded in 2019 by Alexis and his co-CEO brother Raphael Steinman, provides a platform that automates financial, ERP, and operational reporting and analysis for enterprises. The company counts Bell and AJW among its customers.
The funding round resulted in Framework partner Jim Texier and a BDC Capital representative gaining seats on Maxa’s board of directors. With a previous round of $2.9 million CAD raised in 2022, Maxa has more than tripled its revenue and doubled its staff, currently employing around 50 people across Canada and the US.
Maxa was also awarded the 2024 Data Drivers Awards for being the most innovative data-driven application on global cloud data platform Snowflake. Alexis Steinman highlighted that being on Snowflake’s Native Apps marketplace has been a game-changer for Maxa, as it allows the company to offer its software as an application installed in a customer’s Snowflake account.
