BizBiz Global Inc.
White-Label B2B Marketplace Technology · Montreal, QC, Canada
GSV INVESTMENT FII
$250,000
Convertible Note · Aug 2022
CURRENT VALUE FII
$0
Written off · Total loss
MOIC BL
0.00x
Blended value $0
STATUS DPI
Shutdown
Finalized · Company ceased ops
TIER DPI
Red
Complete write-off
FINANCIAL ASSESSMENT
P&L Summary — FY 2023 (CAD)
Source: BizBiz Global Inc. Financial Statements for the year ended December 31, 2023 (compiled by Sally Nofal, CPA)
| LINE ITEM | 2023 (CAD) | 2022 (CAD) |
|---|---|---|
| Revenues | $179,670 FS | $167,840 |
| Salaries & Benefits | $360,270 | $297,494 |
| Consultants | $64,216 | $27,346 |
| Rent | $51,533 | $50,162 |
| Professional Fees | $37,530 | $8,101 |
| IT & Internet | $7,779 | $44,074 |
| Other Operating | $21,027 | $48,701 |
| R&D Tax Credit | ($84,320) | ($95,917) |
| E-Business Tax Credit | ($60,517) | — |
| Total Operating Expenses | $397,518 | $379,961 |
| Net Loss | ($217,848) FS | ($212,121) |
REVENUE vs. OPERATING LOSS (CAD)
REVENUE (2023)
C$179,670
+7.0% YoY from C$167,840
CASH ON HAND
C$14,205
Dec 2023 · Down from C$244,709
TOTAL ASSETS
C$176,670
Down from C$455,117 (2022)
SHAREHOLDERS’ DEFICIENCY
(C$931,258)
Accumulated deficit C$1.6M
INVESTMENT STRUCTURE
Deal Terms
Source: Convertible Promissory Note (Execution Copy) Aug 12, 2022; Warrant to Purchase Shares Aug 30, 2022; GSV Fund II Record Sep 2025
CONVERTIBLE NOTE
SecurityConvertible Promissory Note CN
Principal$250,000 USD CN
Interest Rate8% per annum CN
CompoundingYearly
Maturity DateAugust 8, 2024 CN
Valuation Cap$7,000,000 pre-money CN
Discount20% on equity financing
LenderGSV Investors II LP
CurrencyUSD
WARRANT
SecurityCommon Stock Warrant WC
Coverage5% of Fully Diluted WC
Exercise Price$0.5630 WC
Term10 years
Issue DateAugust 30, 2022
ExpiryAugust 2032
HolderGolden Section Holdings, LLC
Current Value$0 (Worthless)
CONVERSION TERMS
Equity ConversionLower of: (A) equity price −20%, (B) Cap Price
Cap Price Formula$7M ÷ Company Capitalization
Sale Transaction2x principal + accrued interest
Liquidation Pref1x (on conversion to Preferred)
No PrepaymentWithout Noteholder Majority approval
Series Aggregate Cap$2,000,000 (all notes combined)
SHARE CAPITAL (FY 2023)
| CLASS | SHARES | VALUE (CAD) |
|---|---|---|
| Common Shares | 10,966,000 | $290,245 FS |
| Preferred Shares | 731,362 | $375,000 |
| Total | 11,697,362 | $665,245 |
INVESTMENT HISTORY
Investment Timeline
Source: GSV Fund II Record (Sep 2025), Convertible Note (Aug 2022), GS Value Tracker (Dec 2025)
AUG 12, 2022
Convertible Note Executed — $250,000 USD
GSV Investors II LP issues convertible promissory note to BizBiz Global Inc. Principal: $250,000 USD at 8% annual interest. Valuation cap: $7M pre-money. Maturity: Aug 8, 2024. Part of a series of notes up to $2M aggregate.
AUG 30, 2022
Warrant Issued — 5% FD Shares
Golden Section Holdings, LLC receives warrant to purchase 5% of fully diluted shares of BizBiz Global common stock at $0.5630/share. 10-year term expiring Aug 2032.
DEC 31, 2023
Financial Statements Filed
FY 2023 compiled financials show revenue C$179,670, net loss ($217,848), accumulated deficit ($1,596,503). Cash dropped from C$244,709 to C$14,205. Convertible notes on balance sheet: C$503,646.
AUG 8, 2024
Note Maturity Reached
Convertible note maturity date. Note was not repaid or converted into equity. Principal Amount plus accrued interest became immediately due and payable per Section 3.3 of the note agreement.
DEC 31, 2024
Value Marked to $0
GSV Fund II Record marks BizBiz position at $0 current value. Full write-down of $250,000 principal. Last valuation date: December 31, 2024.
DEC 2025
Finalized — Written Off
GS Value Tracker confirms status: Finalized. Tier: Red. Company shutdown. Total loss: $250,000. MOIC: 0.00x. No recovery expected.
| DETAIL | VALUE |
|---|---|
| Instrument | Convertible Promissory Note FII |
| Investment Date | August 12, 2022 |
| Principal | $250,000 USD |
| Cost Basis | $250,000 |
| Current Value | $0 |
| Gain / Loss | −$250,000 |
| Last Valuation | December 31, 2024 |
| Fund % Weight | 0.00% FII |
PORTFOLIO STATUS
Blended Value
$0
$0
MOIC
0.00x
0.00x
LQ ARR
$0
$0
Tier
Red
Red
PRODUCT & COMPANY
BizBiz Global — B2B Marketplace Technology
Source: BizBiz Global Deal Memo, Pitch Deck May 2022
BizBiz Global was a white-label B2B marketplace technology provider enabling organizations to monetize idle assets, inventory, and resources. Originally launched in 2017 as BizBiz Share, an industrial marketplace, the company scaled to over 4,000 customers before pivoting during COVID-19 to sell its marketplace technology as a white-label platform.
The platform targeted Economic Development Organizations, Business Associations, and Learning Institutions with a real-time negotiation, transaction, and settlement system including transport, insurance, and API integrations. The company was incorporated March 22, 2015 under the Canada Business Corporations Act.
PLATFORM FEATURES
White-Label / Licensing
Multi-Language / Currency
Real-Time Negotiation
Transport & Insurance API
Coaching & Training
Sector Agnostic
PRICING MODEL
$25K
/ year license
$250
/ month hosting
5%
transaction fee
MARKET SIZE (AT TIME OF INVESTMENT)
TAM$6.2 Trillion
SAM$600 Billion
SOM$125 Million
TRACTION (AT TIME OF INVESTMENT)
Gross Margin82%
ARR$300K
CAC Payback1 month
Marketplaces Launched15 (US & Canada)
Customers4,000+
POST-MORTEM ANALYSIS
Risk Assessment & Write-Off Factors
Source: Financial Statements 2023, GSV Fund II Record, GS Value Tracker Dec 2025
HIGH
Cash Depletion: Cash dropped from C$244,709 (2022) to C$14,205 (2023) — a 94% decline. Company was effectively out of cash with no clear path to additional funding.
HIGH
Persistent Losses: Net losses of C$217,848 (2023) and C$212,121 (2022) on revenues of only C$179,670. Operating expenses consistently exceeded revenue by ~2x, with no sign of improvement.
HIGH
Severe Negative Equity: Shareholders' deficiency of (C$931,258) as of Dec 2023. Total liabilities C$1.1M against assets of only C$176,670. Accumulated deficit of (C$1,596,503).
HIGH
Debt Overload: Convertible notes totaling C$503,646 at 4% interest plus C$182,833 in long-term BDC loans and C$133,870 in shareholder advances. Debt servicing was unsustainable on current revenue.
HIGH
Revenue Stagnation: Despite claiming $300K ARR and 4,000+ customers at time of investment, actual FY 2023 revenue was only C$179,670. Revenue growth was minimal (7% YoY) and insufficient to cover the cost structure.
MED
COVID Pivot Risk: The pivot from BizBiz Share (industrial marketplace) to BizBiz Global (white-label technology) during COVID introduced execution risk. The new business model failed to achieve product-market fit at scale.
GP RECOMMENDATION
Verdict: EXIT — WRITTEN OFF
BizBiz Global has been fully written off. GSV Investors II LP invested $250,000 via a convertible promissory note in August 2022, targeting a white-label B2B marketplace technology provider in Montreal, Canada. The company failed to achieve sustainable revenue growth, with FY 2023 revenue of only C$179,670 against operating expenses of C$397,518. Cash was depleted from C$244,709 to C$14,205 by year-end 2023. The convertible note reached maturity on August 8, 2024 and was not repaid or converted. The position was marked to $0 as of December 31, 2024. GS Value Tracker confirms the company status as Finalized with Red tier. Total loss: $250,000 (MOIC 0.00x). The warrant (5% FD shares at $0.5630) is also worthless. No recovery is expected.
TOTAL INVESTED
$250,000
Convertible Note · Aug 2022
TOTAL LOSS
−$250,000
Complete write-off · MOIC 0.00x
STATUS
Finalized / Shutdown
Red tier · No recovery expected
Prepared by Derek · March 2026 · Sources: GSV Fund II Record (Sep 2025), GS Value Tracker (Dec 2025), Convertible Promissory Note (Aug 2022), Warrant (Aug 2022), BizBiz Global Financial Statements (Dec 2023), BizBiz Global Deal Memo & Pitch Deck (May 2022)
SOURCE DOCUMENTS
FII GSV Fund II Record — Sep 2025
BL GS Value Tracker F2 Blend — Dec 2025
DPI GS Value Tracker F2 DPI — Dec 2025
CN Convertible Promissory Note — Aug 12, 2022
WC Warrant Certificate — Aug 30, 2022
FS Financial Statements — FY 2023
DM Deal Memo & Pitch Deck — May 2022