With this announcement, the Victoria-based company enters into a new phase of business growth
Victoria, British Columbia, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Shift, a company from the Redbrick portfolio, today announced the close of its independently-raised $1M CAD seed round, as well as the appointment of former General Manager, Nadia Tatlow, to the role of CEO. Bolstered by capital infusion and the appointment of a new CEO, today’s announcements indicate the company’s business viability, next phase of growth, and its ongoing commitment to addressing some of the most common pain points felt by today’s technology users. Since its inception, Shift – a productivity platform that enables a beautiful and streamlined workflow – has made significant strides forward, recording 10x growth in 2018 and an additional 4x growth to date in 2019. With no sign of slowing down, Shift has since acquired over 30,000 paying customers, averaging 13.5% month-over-month revenue growth this year.
Shift’s seed round was led by Calgary-based, seed-stage venture capital fund, Panache Ventures and brought together a small group of key advisors who collectively committed $500,000. The remaining $500,000 was committed, through debt financing, by Redbrick – the parent organization to a portfolio of companies, including Shift – demonstrating Redbrick’s ongoing commitment to its portfolio companies throughout their growth and evolution.
“It’s an absolute honour to be stepping into the role of CEO. Having worked on Shift from its inception in 2016 – when it was simply an idea, all the way through our public launch and growth phase – it’s very gratifying to continue to lead the team and observe, firsthand, Shift’s inevitable transformation and evolution. We are solving an acute workflow pain point, and seeing the impact we are having on our customers’ daily workflow management is extremely rewarding,” said Nadia Tatlow, the newly appointed CEO of Shift. “The last 18 months have been an especially exciting period for Shift. With the close of our successful seed round, I am looking forward to capitalizing on our incredible momentum, refining our product, and building towards a Series A raise next year.”
An integral part of Shift’s founding team, and throughout her role as General Manager beginning in January 2018, Nadia has led the team through its massive growth phase, furthering Shift’s highly valued functionalities. By electing to use Shift, users are able to increase their productivity and enjoy time-savings of several hours each week. Of Shift’s active monthly paying customers, over 75% use Shift every single work day – with the average user spending roughly 106 minutes in Shift per day – which speaks to the meaningful brand the platform has fostered for them. In her new role as CEO, and with a proven track record in scaling up, Nadia will provide strategic oversight to lead Shift into its next phase of growth.
Following the close of its seed round, Shift is now building towards a 2020 raise.
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Founded in 2017 on the West Coast of Canada, Shift, a company started within the Redbrick portfolio, has established itself as a market leader in its category, having scaled at an impressive rate to redefine how consumers approach their digital-centric work lives. In December 2019, Shift announced the successful close of its $1M seed round, indicating the company’s product-market fit, business viability and ongoing commitment to addressing some of the most common pain points felt by today’s technology users.
Shift is a productivity platform that helps customers streamline and optimize their workflow, in one beautiful place. On a mission to bring focus and convenience to the work day, Shift makes managing multiple apps and accounts—without logging in and out or opening up a browser—simple and intuitive. By re-thinking the way work gets done, Shift is solving an acute pain point felt by millions, and growing at an unprecedented rate.
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