Software, telecommunications, VC

Sutus Raises $4.5M, Hires CEO

Luke Timmerman 10/22/08

Sutus, a Vancouver, BC-based telecommunications company, said it has raised $2 million in venture funding from BDC Venture Capital, the Working Opportunity Fund managed by Growthworks Capital, and an additional $2.5 million in debt financing from MMV Financial. The company also hired Mike Donnell as CEO, a 25-year veteran of the software and telecom industries. Sutus will use the cash to boost sales of its Sutus Business Central product for small businesses, which it began selling in late 2007.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.