Lightspeed, the 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.
The financing will support the company’s rapid global growth, technology infrastructure enhancements and deeper investment in its omni-channel offering. Currently more than 25,000 customers in over 100 countries use Lightspeed to build, manage and grow their stores and restaurants, online and offline. The company has seen 123% year-over-year growth and its customers now process over $10 billion annually.
“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 Dax Dasilva, Lightspeed CEO and founder. “With omni-channel becoming increasingly important to our retailers and their customers, this funding will also further support the expansion and development of our e-commerce offering.”
With newly opened offices in London and Ghent, Lightspeed’s European business has taken off. Since the start of this year, the company has grown 745 percent year-over-year in Europe, largely due to the company’s restaurant product launch and European payment processing regulations requiring restaurants to upgrade their POS systems.
This US$61 million investment round is yet another indicator of the rapid growth and financial support for Canadian tech companies, driven by global investors seeking out the strongest Software-as-a-Service (SaaS) companies worldwide.
“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. “This investment fits with la Caisse’s strategy to back the efforts of Quebec’s innovative companies in their international growth and acquisition plans.”
“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. It is also a clear demonstration of Investissement Québec’s desire to continue supporting innovative businesses and confirms its position as one of Québec’s venture capital leaders.”