Saskatoon-based company is a second-time recipient of the Western Innovation (WINN) Initiative.
November 28, 2018 (Saskatoon, CANADA) – Vendasta is honoured to be the recipient of a $3.3 million interest free loan to support the company’s expansion to international markets.
The announcement was made this morning at Vendasta headquarters in downtown Saskatoon by the Honourable James Gordon Carr, Minister of International Trade Diversification on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science, and Economic Development and Minister responsible for Western Economic Diversification Canada.
The support is provided by Western Economic Diversification Canada’s (WD) Western Innovation (WINN) Initiative. WINN is a five-year fund to move innovative technologies from the later stages of research and development to the marketplace. It offers repayable loans to western Canadian small- and medium-sized enterprises.
“We’re at a pivotal point in Vendasta’s growth and the support of the Government of Canada is a springboard toward our internationalization goals,” said Vendasta CEO Brendan King. “We’re now in a position to help companies and agencies conquer local marketing worldwide.”
“Many middle-class jobs of today and tomorrow are created within strong innovation and competitiveness ecosystems,” said Carr. “By making the smart and responsible investments, the Government of Canada is positioning Saskatchewan to generate meaningful business investments, and high-quality jobs, across all sectors of the economy.”
Vendasta is a software company that builds a platform for helping local businesses with digital marketing. It’s sold exclusively through channel partners – including agencies, broadcasters, publishers, banks, telecoms, and more – who sell the solutions directly to small and medium businesses in their markets. The rebrandable platform provides Vendasta’s partners with a single login for their digital marketing sales, products and reporting, and includes access to the Vendasta Marketplace – a wholesale store of digital solutions.
Through this project, Vendasta expects to add 30 full-time jobs to its 260+ workforce, 26 of which will be located in Canada. The remaining positions will be distributed through key markets globally, including South Africa and Australia. The loan will allow Vendasta to produce software and build strategic plans to expand to markets beyond North America.
This is Vendasta’s second WINN loan, with the program support from the Government of Canada totalling more than $6.7 million.
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