A Sydney-based company that develops software products for the entertainment industry has received a boost to accelerate growth in new markets and increase its sales team.
Marcato Digital Solutions has secured $500,000 in financing from Innovacorp, Enterprise Cape Breton Corporation, Coastal Community Business Development Corporation, and the National Research Council of Canada Industrial Research Assistance Program.
"Marcato is the sort of story we like to tell," said Clifford Gross, president and CEO of Innovacorp. "Here's a capable young entrepreneur, who identified a problem for his customers, developed a first-rate solution, and now is successfully launching it into the marketplace from his home in Cape Breton."
The company offers two products: Marcato Musician and Marcato Festival. Marcato Musician is web-based artist management software that lets musicians manage communications, schedule bookings, stay on top of tasks and deadlines, keep track of contacts and venues, store files in a centralized file manager, promote upcoming gigs on social networking sites, and generate printable tour itineraries and media kits. Marcato Festival offers similar features to festival organizers, helping them manage artists, events, volunteers, logistics and communications.
"The enthusiasm and financial support from our current round of investors has been tremendous," said Darren Gallop, president and CEO of Marcato. "We're really looking forward to the next stage of growth for our team and business."
Marcato already counts as customers renowned artists, companies and events such as Gordie Sampson, Joel Plaskett, Mary Jane Lamond, Groundswell Music, Winnipeg Folk Festival, Stan Rogers Folk Festival, Celtic Colours International Festival, and East Coast Music Association.
The financing breaks down as follows:
-- Innovacorp, $250,000
-- Enterprise Cape Breton Corporation $95,000
-- Coastal Community Business Development Corporation $87,500
-- National Research Council of Canada Industrial Research Assistance Program $37,958
-- Other: $29,542
Innovacorp, Nova Scotia's technology commercialization agency, manages a venture capital fund that invests in early stage, high growth companies. Target industries include clean technology, information technology, and life sciences. Seed and venture capital investment is a critical part of Innovacorp's High Performance Incubation (HPi) business model, which has earned international recognition as a best practice approach to technology commercialization.
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Halifax, Nova Scotia, August 9, 2011