Canadian software company Lightspeed raises $61 million
By John Tilak
TORONTO (Reuters) - Lightspeed, a provider of software for the retail industry, said on Wednesday it had raised $61 million (C$80.7 million), in the largest funding round for a Canadian technology company so far this year.
Pension fund manager Caisse de dépôt et placement du Québec led the fundraising along with Investissement Québec, the investment arm of the province. Further support came from venture capital firms Accel Partners and iNovia Capital.
The move, which brings the Montreal-based company's total funding to date to $126 million, highlights the amount of private capital available for the Canadian technology industry and an increasing interest from large asset managers in the space.
Lightspeed plans to use the capital to boost software infrastructure and expand further into new regions, particularly Europe.
Lightspeed has about 25,000 customers, which include both small and medium businesses, as well as large retail brands such as Adidas (ADSGn.DE: Quote), Harmon Kardon and Toms Shoes.
Lightspeed software provides a platform to process transactions, generate receipts and manage inventory for restaurants and other retail segments such as toys, sporting goods and apparel.
"There's a lot of demand. We want to capitalize on this momentum," Chief Executive Dax Dasilva said in an interview.
About 80 percent of its customer base is in North America. Continued...