A Heartfelt Thank You To Greg Smith

By Michael Walkinshaw

Posted June 1, 2020

Thank You, Greg Smith

Earlier this year, Greg Smith announced that he would be stepping down from his role as Chief Investment Officer at TIMIA Capital to focus on his health and spend time with his family. One of the founding members of TIMIA Capital, Greg will continue to work with the team in an advisory role.

Update: Wings and Wheels for Greg fundraiser by James Dean

“Now is our time to give back to Greg by helping him get around to see friends, family and have some fun. Please donate whatever you can. Thanks” – James Dean

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Pioneer of Founder-Friendly Financing

Before his foray into SaaS financing, Greg sat on the other side of the investor-entrepreneur table—he founded and bootstrapped his own software company for seven years before a successful exit in 2000.

In 2003, Greg was invited to join the Business Development Bank of Canada (BDC) where he spent five years seed funding technology companies across British Columbia.

His experience as an entrepreneur and as an equity investor inspired him to reinvent the model for growth capital. He wanted to address a gap he saw in the market by providing non-dilutive growth capital to capital-efficient founders. Greg went on to co-found Espresso Capital, an early trailblazer in debt and revenue financing for technology companies across Canada.

In 2015, Greg co-founded TIMIA Capital with Mike Walkinshaw. Andrew Abouchar joined them shortly thereafter. Greg and Mike saw an opportunity to grow the technology lending business beyond SRED financing in Canada and provide longer-term, more entrepreneur-friendly loan structures. They built a unique financial model that demonstrated how revenue-based financing could benefit both founders and investors alike.

Since then, TIMIA Capital has provided $63M in financing facilities to 28 companies across North America, offering Software as a Service (SaaS) founders a sustainable alternative to venture capital funding.

“Greg’s deep empathy for SaaS founders has been instrumental in shaping the culture of our business. We will miss his tenacity but are greatly appreciative of the culture and strategy he has helped create and the help he continues to provide us,” said CFO of TIMIA, Andrew Abouchar.

Rob Foxall, Greg Smith, Mark Bakker at SaaStr

Building a Fintech Foundation at TIMIA Capital

At TIMIA Capital, Greg used his profound understanding of founder needs and his investor experience to systemize the process of B2B SaaS financing. He built the foundation of TIMIA Capital’s proprietary fintech platform that delivers the loans that TIMIA Capital funds.

Rob Foxall, Vice President of Origination at TIMIA Capital, has now stepped into Greg’s role. Greg originally hired Rob in 2014 and has been his mentor and friend for many years.

“We hear Greg’s voice every day—our decisions are inspired by his perspective. The systems he put in place have shaped us as a company and we’re excited to see how the legacy he created will continue to evolve,” said Rob.

TIMIA Capital Portfolio Summit

A Lasting Legacy

Greg helped change the face of financing for entrepreneurs. The solutions he developed give founders an alternative to venture capital and allow them to retain equity and control of their businesses.

Simply put, Greg has been the “voice of the entrepreneur” at TIMIA Capital.

Co-founder and CEO of TIMIA Capital, Mike Walkinshaw, said, “We often joke that we were the yin and yang of the business—Greg is the Yin and Andrew and I are the yang. We managed to strike the perfect balance between Greg’s untamed entrepreneurial spirit and our risk management mindsets. We will greatly miss Greg’s perspective on a daily basis. He has done a wonderful job mentoring the team and his spirit will live on here in the business he helped create.”

The TIMIA Capital team will continue to work towards Greg’s mission of turning venture capital on its head and encouraging founders to build their SaaS businesses in more capital-efficient ways.

In early 2019, Greg was diagnosed with amyotrophic lateral sclerosis (ALS), a progressive nervous system disease that affects nerve cells and spinal cord. The whole team wishes him well and thank him sincerely for the impact he has had, both professionally and personally.

 

From the team at TIMIA, thank you.

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