TruGolf began as a subsidiary of Access Software. In 1999, Access Software was purchased by Microsoft for its expertise in golf software development. Following the acquisition, TruGolf maintained the core programming and graphics team of Links™, the best selling PC golf franchise ever.

The TruGolf team is passionate about driving the golf industry with the most realistic simulation engine possible. It has built award-winning video games (Links™), innovative hardware solutions (TruFlight), and now an all-new eSports platform to connect golfers around the world with E6 CONNECT.

Flow Capital’s USD $1,000,000 royalty investment enabled TruGolf to expand both its product portfolio, with E6 CONNECT, and the geographies in which it sells — all without diluting its existing shareholders.

Inner Spirit

Dedicated to creating cultural hubs in every community in which it operates, Inner Spirit is establishing a chain of recreational cannabis dispensaries under its Spiritleaf brand. Supporting local entrepreneurs by applying its award-winning franchise and retail models, Inner Spirit has more than 100 partnerships in place for Spiritleaf locations across BC, Alberta and Saskatchewan. Inner Spirit will also operate multiple corporate dispensaries. With a diverse portfolio of quality and curated lifestyle cannabis products – including Spiritleaf’s own locally and sustainably sourced lines – Inner Spirit’s Spiritleaf is positioned to be an iconic Canadian brand and the most trusted source for recreational cannabis.

Flow Capital initially invested in ISH’s subsidiary company, WatchIT!, and subsequently converted its revenue royalty into a significant equity interest in Inner Spirit.


InteriorMark, formed in 2007, is an online retailer of home theater furniture and seating, selling both through its own online presence as well as through various large retail channels such as Best Buy. Since its inception, InteriorMark’s home theater business has been flourishing, becoming a leading supplier in the US.

The business, tightly held by the founders, took on a Flow Capital investment of USD $1,750,000 in 2015 as an addition to their capital stack, as the funds provided them the working capital flexibility to continue to expand without dilution. Since the time of the original investment, operations have grown significantly with an additional USD $150,000 was advanced in 2016 and subsequently bought out in 2017.

Hybrid Financial

Based in Toronto, Hybrid Financial provides investor relations and retail-focused origination and distribution services to the investment management industry throughout North America. Leveraging technology and one of the most comprehensive databases of the Canadian and US retail investment advisor landscape, Hybrid has become one of the leading financial sales and investor relations firms in Toronto.

Led by founder and CEO, Steve Marshall, Hybrid has been on a significant growth trajectory, offering a compelling value proposition to publicly listed corporations, investment managers and issuers seeking to find a more efficient and cost-effective means of generating sales through the retail broker/dealer networks.

In 2017, Flow Capital and its partners invested CAD $750,000 as a flexible form of capital that would support Hybrid’s growth and expansion into the US.

Herban Industries

Dionymed Holdings, dba Herban Industries, is a California based group operating as a licensed cannabis manufacturer and distributor across the newly regulated State. An early mover in the industry, DionyMed, through its operating entities, sources cannabis distillate, flower, edibles and other related products from licensed suppliers for delivery through its truck fleet, to the 300+ licensed dispensaries throughout California.

Led by serial entrepreneur Edward Fields, and cannabis industry veteran Peter Kampian, the DionyMed team saw the significant value in leveraging revenue-linked capital to grow their business without affecting their cap table.

In 2018, Flow Capital’s CAD $1,000,000 investment helped kick-start their ramp in revenues without giving up any dilution, an important aspect to the founders who largely hold the business.

Fixt Wireless Repair

Fixt Wireless Repair finds itself at the forefront of a multi-billion dollar market that is relevant to 90% of the North American population, is highly fragmented, and is primed for an industry leader to emerge. This Toronto-based B2B and B2C cellphone electronics repair chain is set up by a team of wireless industry veterans who wanted to use a Flow investment as a catalyst to unlocking $1.25M of additional equity from existing investors. Flow Capital would also support continued growth and expansion that would either postpone a dilutive equity raise until the valuation was much higher, or lead to the sale of the business. 

In 2017, Flow Capital provided CAD $250,000 in revenue-based capital alongside other investors, allowing the company to continue its retail and corporation expansion plan. In 2018, Fixt had more than doubled its retail presence and bought out Flow’s investment.  


Factor75 is an online, subscription-based, personalized chef delivery service that provides “nutrition for performance.” The company’s name stands for the philosophy that 75% of fitness results and everyday performance derives from diet. The market of customized meal delivery services has taken the world by storm over the last few years as consumers look for nutritious and affordable meals that meet the demands of their busy lifestyles. 

As experienced operators and private equity investors, Factor75’s founders immediately saw the value in Flow’s revenue-based financing, which involved a fairly-priced and highly flexible structure with zero dilution. In December 2016, Flow led a USD $750,000 syndicated royalty investment, which has been used to significantly grow the size and value of its business by 5X, expanding geographically and into adjacent markets, such as vitamin supplements.  


Since 2007, ConnectAndSell’s patented cloud sales acceleration platform has helped over 1000 B2B companies ranging from small startups to Fortune 500 enterprises like IBM, Infoblox, Varonis to make 65 million dials and deliver 3.5 million sales conversations. ConnectAndSell integrates with popular CRMs like Salesforce, Microsoft Dynamics, SugarCRM, Netsuite and many others.

In May 2017, Flow Capital invested USD $1,500,000 in ConnectAndSell.  Our value proposition rang true: flexible and expandable growth capital that would help catalyze the next level of company expansion, without diluting the existing cap table. Like Boardwalktech and many of Flow Capital’s portfolio companies — and in spite of being situated in the heart of Silicon Valley —ConnectAndSell had no interest in taking venture capital, preferring to maintain operational control, without the high-pressure growth expectations of VCs.


Boardwalktech (TSXV: BWLK) provides a patented digital ledger blockchain service for the extended enterprise, which its customers — including 23 of the Fortune 500 — use to run mission critical applications managing the digital exchange of information internally and with customers, channels, and suppliers. One of the most highly anticipated consumer products of 2017 was launched using the Boardwalktech digital ledger to manage its global supply chain.

After investing in Boardwalktech in December, 2017, Flow Capital played a pivotal role in the company’s CAD $10,000,000 go-public transaction on the TSX Venture exchange.

Flow Capital’s investment and advice catalyzed this transaction, enabling Boardwalktech to realize significant value for its existing shareholders, and to fuel the next level of its growth, backed by world-class investor Fidelity.

Bluedrop Performance Learning

Bluedrop Performance Learning (TSXV: BPLI) is the holding company for its two wholly owned operating divisions, Bluedrop Training and Simulation Inc. and Bluedrop Learning Networks Inc. BPLI’s mandate is to lead and dominate niche markets where technology and learning can deliver new levels of operational success to military, government and corporate customers.

Prior to the Flow Capital investment, Bluedrop had raised CAD $3,000,000 with Difference Capital in order to complete the acquisition of Atlantis Systems Corp. Following the acquisition, Bluedrop was in need of working capital for the integration and growth of the newly joined businesses. Flow Capital’s funding was easily combined with BPLI’s existing sources of capital and offered the company a solution that helped propel the company on a successful growth path as a merged entity, while avoiding shareholder dilution at the wrong time.


Aquam is an integrated pipe infrastructure solutions company that provides proven technology solutions to owners and operators of both water and natural gas pipe infrastructures. Flow Capital’s 2014 investment of CAD $2,000,000 enabled Aquam to significantly grow its business prior to raising its next round of equity.  In 2017, Aquam raised $26,000,000 from NewWorld Capital, realizing significant accretion for Aquam’s shareholders and a buyout of Flow’s royalty.

Above Security

Above Security, now Hitachi Systems Security, is a Montreal-based provider of customized services for monitoring and protecting IT assets for small to medium-sized businesses in highly-regulated industries. Founded in 1999, the company now has offices in North America, Europe, and the Middle East with accounts in over 40 countries worldwide.  

In 2014, Above Security was looking for a flexible capital option that would allow them to expand their presence across North America and the EU while avoiding shareholder dilution. Flow Capital’s original investment of CAD $1M and various subsequent rounds allowed Above Security to successfully execute on their goal and complete an acquisition. In the end, Flow Capital’s investment allowed the executive team to maintain control of their cap table and was ultimately pivotal in the successful exit of the business to Hitachi in 2015.