Montreal-based Lightspeed POS closed a $166-million (US) investment. The deal, which is worth $207 million CAD, is reportedly the largest investment round raised ever by a Canadian software company.
Lightspeed POS is a cloud-based point-of-sale software solution geared towards independent retailers and restaurateurs. The company operates in over 100 countries and processes over $15 billion in transactions per year.
“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 in a release. “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.”
The D round investment was led by Caisse de dépôt et placement du Québec (la Caisse) with an investment of $136 million ($170 million CAD). Investissement Québec (IQ), iNovia Capital and a credit line from Silicon Valley Bank also participated in the investment.
“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, in a statement.
“This investment is part of our commitment to provide long-term support to Québec’s new-economy companies as they grow internationally.”