Funding will drive continued innovation for Lightspeed's rapidly growing customer base of nearly 50,000
MONTRÉAL, Oct. 18, 2017 /PRNewswire/ - Lightspeed POS Inc., the world's most advanced cloud-based point-of-sale software solution for independent retailers and restaurateurs, today announced it has closed a US $166 million (C $207 million) investment. The series D round was led by Caisse de dépôt et placement du Québec (la Caisse) with an investment of US $136 million (CA $170 million), and included participation from Investissement Québec (IQ), iNovia Capital and a credit line from Silicon Valley Bank.
With global demand continuing to grow for cloud-based POS and commerce solutions, this investment affirms the opportunity ahead for the Canadian-based technology company, bringing the total amount invested to US $292 million.
Lightspeed remains focused on providing customer-centric, market-leading POS technology solutions that power serious retail and restaurant businesses. The additional investment supports further innovation of its fully-integrated omnichannel Retail and mobile Restaurant solutions, and supports the company's global expansion to address market demand.
"The retail and restaurant industries now require businesses to deliver a greater and more unique experience to thrive," says Dax Dasilva, Founder and CEO of Lightspeed. "Lightspeed is leading the digital transformation with our powerful, easy-to-use platform, which enables your favourite local businesses to increase revenue, continue to innovate, and ultimately deliver an extraordinary shopping or dining experience."
"Two years ago, when we first invested in Lightspeed, the company was already considered a Canadian leader in its field. Today, its solutions are used in more than 100 countries and Lightspeed is the world's largest company in its sector. This success is due to the impressive innovations that it implemented and the strategic vision of its experienced management team," said Christian Dubé, Executive Vice-President, Québec at la Caisse. "This investment is part of our commitment to provide long-term support to Québec's new-economy companies as they grow internationally."
The company now operates in more than 100 countries, in multiple languages and currencies, and processes over US $15 billion in transactions annually. With nearly 50,000 customers on the platform, Lightspeed is perfect for retailers and restaurateurs with physical locations requiring technology to simplify operations and complex data, providing intelligent insights to sharpen decision-making around inventory, customers and employees.
"We were among the first to believe in Lightspeed's remarkable growth potential and invest in it," said Investissement Québec President and CEO Pierre Gabriel Côté. "Lightspeed is currently enjoying an impressive level of success. It is now a global leader whose growth and accomplishments are making waves far beyond our borders. It was only natural for Investissement Québec to reinvest in the company."
Lightspeed customers see a 20% increase in revenue, on average, during the first full year on the platform. A few of the marquee retail brands that use the POS platform every day to power their businesses include: Todd Snyder, Want Les Essentiels, DASH, Draper James, Rocket Fizz, Malin+Goetz, Mike's Bikes in California, and the Montréal Canadiens. Restaurateurs are beginning to adopt new technology at a much faster pace than ever before, and some of the places Lightspeed can be found include: Eataly, La Marina NYC, Nobu Malibu, Lutze Biergarten, Zoku Amsterdam Hotel, Hummus Bros, Crêpeaffaire, and Detroit Foundation Hotel.
Headquartered in Montréal, Canada, Lightspeed is the most powerful cloud-based point-of-sale solution for independent businesses, in-store and online. Nearly 50,000 retailers and restaurateurs, processing over US $15 billion in transactions annually use Lightspeed to grow and manage their business. Lightspeed can be found in more than 100 countries, powering favorite local businesses, where the community goes to shop and dine. Founded in 2005, Lightspeed has grown to nearly 600 employees, with global offices in Canada, USA, Europe, and Australia.
About la Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2017, it held $286.5 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.