The young company specializing in remote surveillance will be able to continue its rapid growth in the American and European markets.
Vosker, a Victoriaville-based company founded in 2018, has just obtained funding of $ 100 million – a substantial contribution to support the nearly 600% growth it has experienced in three years.
The funds advanced by HSBC Canada, the Caisse de dépôt et placement du Québec, the Business Development Bank of Canada and Export Development Canada consist of a combination of quasi-equity, subordinated debt and revolving credit.
“A financing vehicle like the one we have just raised is extremely important for our company, particularly for the human capital that we will be able to integrate”, comments Yan Gagnon, CEO and co-founder of the company with Jimmy Angers and Danny Angers.
This $ 100 million will be put to use over the next two years.
We aim to find at least a hundred other employees in technological development.
Yan Gagnon, CEO and Co-Founder of Vosker
Vosker specializes in the surveillance of remote areas, devoid of electricity and WiFi connection, thanks to its cameras powered by solar energy and connected to the cellular network. “Construction sites are very popular locations for our type of products,” Yan Gagnon gives as an example.
Its devices, cameras and detectors are supported by an online platform and an application that allows users to receive images and videos from cameras around the world. Its technology is used in around fifty countries.
Vosker has some 380 employees, including around 100 at the head office in Victoriaville. The company opened an office in Quartier DIX30, in Brossard, “because we wanted to try to pick up everyone on the South Shore and we settled directly next to the REM,” informs Yan Gagnon.
Another has just been opened in downtown Montreal, this time to convince the island’s candidates.
About 80% of sales are made in the United States and 10% overseas, mostly in Europe.
“Our type of income has been in transition,” says Danny Angers, Executive Vice President and Chief Growth Officer. “Previously, we mainly sold stationary products. Today, a good part of our income, and it will be the majority in the future, is of the recurring type. We charge subscriptions to our customers. ”
Growth to follow
Vosker is in fact the amalgamation, carried out in 2018, of companies created a few years earlier. Without dilutive capital, it is still fully owned by its founders. “We are still in full control”, rejoices Danny Angers.
“We exceeded the figure of 100 million last year,” he adds. And this year our recurring income has almost doubled from last year. ”
The company ended up at 96e rank in the 2021 ranking of the fastest growing Canadian companies, with a jump of 582% in three years.
The Caisse de dépôt et placement du Québec provided $ 20 million out of the new $ 100 million envelope.
“It is a company that was founded in 2018, it is very recent, and it is already in 50 countries, therefore in strong growth and with a strong capacity for innovation”, commented Geneviève Bouthillier, vice-president, medium-sized private companies and sustainable investment at the Caisse. “Its leaders are ambitious and visionary young people. We were very impressed with this company. ”
The objective of this impetus by the Caisse “is really to pursue growth, because the world is their playground”.