A healthy $35 million poured into Montreal-based LightSpeed recently. The company says they are “the commerce platform for serious retailers” and vowed to accelerate its growth and bring new innovations to market. LightSpeed has stayed true to its name and has announced the acquisition of Belgium-based mobile hospitality POS company POSIOS, and also expanded its offering by launching Lightspeed Restaurant.
Lightspeed Restaurant is a cloud-based mobile point of sale system that offers business management and customer analytics technology to cafes, bars, nightclubs, fine dining and chain restaurants. The platform is available now and aims to take on larger players such as Square and OpenTable.
“Lightspeed’s strength is in creating technology that improves business operations and enables superior customer experiences. Expanding into hospitality responds to the massive demand we have seen in the past two years for a restaurant solution from Lightspeed, and furthers our vision to bring sophisticated, yet accessible technology to all of Main Street,” said Dax Dasilva, Founder and CEO of Lightspeed. “The addition of the POSIOS team brings a deep understanding of the complex hospitality industry to Lightspeed Restaurant and further underscores our commitment to investing and expanding in Europe.”
LightSpeed has over 21,000 clients in 30 countries (up 1,000 from 1-month ago), including Adidas, Harman, Leica, and DASH, with annual transaction topping $8.2 billion, which is an increase from $7.5 billion last month. The most recent round of funding was made possible by iNovia Capital and Accel Partners, which helped them increase its total investment to $65 million.