Accelerate Fund III invests in WaitWell to bring digital queue management to traditional industries
Calgary, AB, July 11, 2023 – Accelerate Fund III today announced its investment in WaitWell, a Calgary-based technology company with queue management software that reduces wait times and improves service delivery for traditional industries including universities and government agencies. This investment is part of WaitWell’s recent $1.5 million funding which follows its previous pre-seed fundraising of $1 million in September 2022.
WaitWell digitizes the process by which a customer books an appointment or joins a virtual queue. Waitwell equips staff with technology to see who’s in line, what help is needed as well as enabling prioritization by service type. Customers can choose not to come to the appointment in person until they are minutes from front of the line or choose from in-person or virtual services including on Google Meet, Zoom or Microsoft Teams. And organizations get customer service analytics to optimize staffing and service operations.
“As owners of an Alberta registry during COVID, we saw firsthand the need to eliminate crowded waiting rooms and improve the customer experience with technology that offers known wait times, puts priority customers nearer front of the line, and enables two-way communication with staff,” commented Steven Vander Meulen, co-founder and CEO. “Our unique approach to improving service operations but also helps meet changing consumer demands and also reduces staff stress.”
WaitWell serves customers in higher education, government and hospitality across North America and is expanding into private health clinics, emergency animal hospitals and veterinary clinics. Data shows that their technology helps customers reduce wait time by 31 per cent and reduce service time by 20 per cent.
“We were drawn in by WaitWell’s capable high-performance team of complementary skill sets across sales and marketing, product and business leadership with a CEO ready to scale,” commented Melania Antoszko, investment analyst, Accelerate Fund III. “WaitWell has demonstrated strong market uptake with a proven track record of annual recurring revenue growth, along with a clear plan forward to expand into additional markets.”
WaitWell will be using the investment to enter into new US markets and continue with product enhancements to remain a market leader in queue management software.
WaitWell is a leading provider of queue management, booking, event management and service workflow optimization software for public service, higher education, hospitality and private health. Anywhere people normally have to wait their turn, WaitWell makes service better for customers and staff, while providing organizations with rich insights into service operations so they can create an optimal experience for guests and make better business decisions.
About Accelerate Fund III
Accelerate Fund III is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest up to $500,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund III invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund III is managed by Yaletown Partners with the support of The A100. Alberta Enterprise Corporation is Accelerate Fund III’s lead limited partner with support from other investors, including Opportunity Calgary Investment Fund.
Accelerate Fund III
Claudia @ materialinsight.com