Canvas raises $9M for enterprise mobile app platform

Lots of big companies still use paper for many of their forms and processes, which costs them in inefficient workflows and lost information.

Canvas is using its cloud-based software service and mobile app platform to address that pain. For instance, a company’s paper invoices, time sheets, or driving logs could be made into mobile apps that are hosted in Canvas’s cloud.

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Canvas has had some success with its business model. The company says it’s on pace for a fourth consecutive year of more than 100 percent revenue growth.

The Reston, Virginia-based company has now raised a new $9 million funding round led by River Cities Capital Funds and current investor Osage Venture Partners. Existing investor Camber Capital (formerly Berman Venture Capital) also threw in.

Canvas says it will use the new funds to continue to develop its “market-leading, innovative capabilities and services,” and to expand marketing efforts in North America, Europe, and Asia.

The information collected in Canvas’s phone and tablet apps can immediately be shared with colleagues, partners and customers, the company says. The information is also sent to the business’s backend systems where it can be compiled for use in decision support systems.

Canvas says it now has more than 40,000 paid customers across a broad range of industries, including 27 customers in the Fortune 1000.