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Cavelo, a Kitchener-Waterloo-based SaaS startup, has raised a $1.3 million CAD pre-seed round of financing.
The first-time all-equity round was led by MaRS Investment Accelerator Fund and included participation from several strategic angel investors.
The Cavelo platform is currently intended to be used by SMBs, but Mignacca told BetaKit the goal is to eventually move up-market.
While Cavelo’s CEO James Mignacca would not disclose the angel investors, he told BetaKit the angels that participated in this round also participated in his last company RootSecure, which exited via an acquisition in 2018. He noted that Mark Morin, CEO and founder of Auvik Networks, a known angel investor, joined Cavelo’s board following the funding.