Technology company Savvyy Technologies secures funding of $3.1 million in its seed phase
Toronto-Based Savvyy Technologies Completes $3.1 Million Seed Financing Round
Toronto, Canada - Savvyy Technologies, a leading technology firm specializing in lending software solutions and infrastructure, has successfully completed its $3.1 million seed financing round on November 9, 2021. The funding round was led by angel investors including Joe Canavan, Michael Zych, Kevin Walton, Michael Vanderkaden, and ScaleUp Ventures.
The financing will enable Savvyy Technologies to automate and streamline its lending process. However, it's important to note that the legal advice provided by Hoskin & Harcourt LLP, which was part of the advisory team for Savvyy Technologies, did not involve the issuance of new SAFEs (Simple Agreement for Future Equity) or affect the total funding raised, which remains at $5.7 million.
André Pérey and Jeremy Lin from Hoskin & Harcourt LLP were part of the advisory team for Savvyy Technologies. They specialize in Emerging and High Growth Companies at the law firm. Hoskin & Harcourt LLP, however, is not an investor in Savvyy Technologies.
While there are no specific public updates on the modernization of Savvyy Technologies' lending infrastructure following its financing round, industry trends indicate a move towards AI, real-time data, and legacy system modernization. The broader fintech and infrastructure landscape highlights trends in digital transformation, AI-driven risk management, and platform modernization. It's likely that Savvyy Technologies will consider or apply these trends in its lending infrastructure upgrade.
As for the legal advice provided to Savvyy Technologies, it did not involve any new investors, only angel investors and ScaleUp Ventures from the previous financing round. The details of the legal matter are undisclosed.
For those seeking detailed, up-to-the-minute progress on Savvyy Technologies specifically, monitoring company announcements or direct communications from Savvyy would be necessary. The proceeds from the financing will be used to modernize the company's lending infrastructure.
High growth companies like Savvyy Technologies are attracting financing from investors, as evidenced by the successful completion of its $3.1 million seed round. This investment in business technology will enable automating and streamlining the lending process, potentially including the adoption of AI and real-time data.
