Today Real Matters, a network management services platform for the mortgage and insurance industries, went public on the Toronto Stock Exchange.
The Canadian company raised approximately $156-million in the IPO from the sale of 12 million common shares at $13.00 per share, giving the company a valuation in excess of $1.1 billion. Underwriters included BMO Capital Markets, INFOR Financial, and BofA Merrill Lynch.
“It’s been two years since we’ve seen a Canadian technology IPO of this magnitude,” said Carey Diamond, Partner at Whitecap Venture Partners, a Toronto-based early-stage VC fund that participated in eight financing rounds in Real Matters prior to the company’s IPO, beginning with a seed investment in 2007 when Real Matters had less than a million dollars in revenue.
“From the nascent beginnings of Real Matters, Whitecap quickly understood our value proposition and more importantly where it could evolve,” said Jason Smith, founder of Real Matters, who has been a member of the Whitecap Venture Partners Fund III advisory board since 2015.
“This is just the beginning for Real Matters as Jason and his team continue their mission to build a world class technology company in Canada,” added Diamond.
Real Matters has raised $117 million in venture capital since 2013.