VANCOUVER, BC, Sep 7, 2017 – Machool Technologies Ltd. announced today it has closed a $1.6 million financing round from angel and institutional investors, including Urban Select Capital Partners, BDC, Nexfore Investments, and Code Consulting Ltd. The funding was raised to enhance Machool’s uDo platform, with a focus on the flagship service – uSend.
The funds raised will be put towards broadening the offering of shipping service providers available through the uSend application along with automating key features, expanding the sales and marketing team, and exploring growth opportunities in new channels. After building a significant interest in the Vancouver and Canadian markets, Machool is expanding internationally to become a major player in the global market, beginning with North America.
Machool also announced that Farshad Abasi, a partner at Mirai Security Inc. and previously the Principal Global Security Architect at HSBC, will be joining the executive team as the head of technology and security (CTO/CISO) along with Stephen Gable, CPA, CA, as CFO. Abasi plans to place priority on building scalability and security into the foundation of the platform. “A secure, agile, scalable, and resilient architecture is required to meet Machool’s future growth,” said Abasi, who also plans to expand the development team. “I want to align the teams to be able to work and deliver accordingly.”
Machool Technologies is the creator of the uDo Platform – a marketplace that connects users, locally and globally, to different services through a customized array of service providers. uDo Platform’s flagship and first service is uSend, a smart shipping application that supports enterprise shipping, automated billing, and provides analytics. The company’s goal is to provide simple, delightful, and insightful solutions on the uDo Platform by building a portfolio of uServices to empower users and their businesses to work smarter. We do more, so uDo less.
“The tech community in Vancouver is extremely active with many talented start-ups competing for resources,” says Machool Technologies CEO Kamyar Asadibeiky. “The tech industry in Vancouver competes with the real estate market when it comes to raising capital. Many high net-worth individuals invest their money in real estate but we are proud that our investors have seen the value of tech companies like Machool and have placed their money with us.” Asadibeiky says that he has been told many times to move his company HQ out of Vancouver in order to raise the necessary capital. He said, “The company was able to raise 100% of the round in Vancouver from some of the most seasoned and respected major local investors and that is something we are extremely proud of. We are building Machool in our home, Vancouver.”
Machool Technologies has moved into their new office earlier this year, where the company will be hosting an open house on Thursday, September 14 at 6:00 PM. Please RSVP to the event and come meet the team, enjoy a few snacks and beverages, win prizes, and take the uDo platform for a test drive!