Montréal based retail commerce platform LightSpeed has raised $35 million in a Series B funding round co-led by Canadian venture capital firm iNovia Capital and U.S. firm Accel Partners
Founded in 2005, LightSpeed operates out of Montréal, with offices in Silicon Velley, New York City, Olympia, Ottawa, and Santa Cruz. The company provides retailers with a cloud based point-of-sale platform that not only allows them to manage sales and inventory, but provides tools that can be used to build branded iPad apps. The majority of LightSpeed’s customer base—which processed a total of $7.5 billion in sales in 2013— is made up of brick-and-mortar stores.
“LightSpeed builds software that retailers can use to combine in-store and online sales systems, track inventory and collect data on shoppers,” said Chief Executive Officer Dax Dasilva.
Funding is being co-led by iNovia Capital, which focuses its investments in Digital Media, SaaS, and Communications companies such as AppDirect, Busbud, Basis Science, Chango, Collective, Luxury Retreats and Top Hatand, and by Accel Partners, which previously funded successful ventures such as Atlassian, Arista Networks, Braintree, Cloudera, Dropbox, Etsy, Facebook, Groupon, Kayak, Supercell, and Spotify.
The recent funding will allow LightSpeed to expand their product in additional directions, providing even more to their growing customer base; innovations that make it easier for retailers to build, manage and grow their businesses. In addition to LightSpeed Web Store for Cloud, the company will offer LightSpeed Payments, a new payment platform that was developed in partnership with Element Payment Services.
“Payments is the next step in our plan to make it possible for retailers to manage their entire business within LightSpeed,” said Dasilva. “By combining the point-of-sale with payment processing, LightSpeed will be able to offer retailers an end-to-end experience superior to anything in the market. This partnership eliminates the time-consuming task of reconciling between two different systems and will surface information inside of LightSpeed that will allow retailers to make better informed decisions.”
The $35 million that LightSpeed secured for Series B funding, combined with the $30 million raised in a 2012 round led by Accel, will bring the total amount they’ve raised to $65 million.
“At LightSpeed, we’re passionate about building the most innovative software products for retailers around the world and continuing to delight our customers,” said Dax Dasilva, CEO of LightSpeed. “This investment will help us continue to scale our reach and break into new verticals and geographies.”