Cloud-based electronic point of sale (EPOS) software solution startup Lightspeed POS has announced the closing of its Series D investment round, having secured C$207mn (US$166mn) in funding.
The company has now raised a total $365mn, with the latest investments set to be used in satisfying growing global demand for cloud-based EPOS and commerce solutions, something that the company provides largely to the restaurant and retail sector.
"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."
The round was led by Caisse de dépôt et placement du Québec (la Caisse) who invested $170mn, with Investissement Québec, iNovia Capital and Silicon Valley Bank also participating.
"Two years ago, when we first invested in Lightspeed, the company was already considered a Canadian leader in its field,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “Today, its solutions are used in more than 100 countries and Lightspeed is the world's largest company in its sector.”
With over 50,000 customers on the platform, Lightspeed now operates in over 100 countries, in multiple languages, using multiple currencies, processing over US$15bn annually.