Well, that escalated quickly.
Today, Lightspeed, a longtime Montreal-based cloud POS platform for retailers and restaurants, announced US$61 million in funding co-led by Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ), alongside existing investors Accel Partners and iNovia Capital. This brings Lightspeed’s total funding to date to US$126 million.
Lightspeed said in a release that its customers now process over $10 billion annually, and they number over 25,000 in 100 countries. Moreover, the company claims a 123 percent year-over-year growth.
“Today, our cloud platform processes more than 17,000 actions per minute. We are investing heavily in scaling our platform to support our rapidly growing and increasingly global user base as well as developing offline transaction capabilities,” said CEO Dax Dasilva. “With omnichannel becoming increasingly important to our retailers and their customers, this funding will also further support the expansion and development of our eCommerce offering.”
The funding will go towards growth, technology infrastructure and investment in its omnichannel offering.
Lightspeed has also made significant investments in building a European presences, with offices in London and Ghent. “Business has taken off,” wrote the company, which claimed the company has grown 745 percent year-over-year in Europe since the beginning of 2015. They attribute this to the company’s restaurant product launch and European payment processing regulations requiring restaurants to upgrade their POS systems.
But the US$61 million investment round is yet all about “deepening Canadian roots” for Lightspeed, which called the round another indicator of the rapid growth and financial support for Canadian tech companies.
“Over the past few years, Lightspeed has grown rapidly, becoming a Canadian technology industry leader in the SaaS market,” said Christian Dubé, Executive Vice-President, Québec at CDPQ.
“We are pleased to support Lightspeed and help make this thriving and innovative Québec-based company a dominant force in the industry,” stated Investissement Québec President and Chief Executive Officer Pierre Gabriel Côté. “This investment will not only create high-quality jobs in Québec, but also help build a world-class technology company right here.”