Montreal’s LightSpeed has successfully raised $35 million from iNovia Capital and Accel Partners. This investment brings its total capital raised to a staggering $65 million.
The company deems themselves as “the commerce platform for serious retailers,” and stated they have brought on board over 20,000 clients in 30 countries, including Adidas, Harman, Leica, and DASH, with annual transaction topping 7.5 billion dollars.
This investment will be used to accelerate its growth. Some of the new innovations LightSpeed will launch is a new payments system called LightSpeed Payments, in which retailers will no longer need to deal with a third party to begin accepting credit and debit cards or access information about financials.
“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.”
“LightSpeed is deeply ingrained in the challenges and needs of today’s retailer. They’ve figured out how to make big box retail tools easy and accessible to independent retailers to help them thrive in a highly competitive market,” said Chris Arsenault, Managing Partner at iNovia Capital. “We are thrilled to be their partner in this journey.”