Montreal-based Lightspeed has secured $61 million (USD) in funding that was co-led by Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ). In addition, participation in the raise was also from Accel Partners and iNovia Capital, which now brings Lightspeed’s total funding to date to $126 million (USD).
Lightspeed Retail 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.
According to its press release, Lightspeed will use the investment to accelerate its growth and build its technology. The company currently has seen 123 percent year-over-year in customer growth and now has over 25,000 customers in over 100 countries. Lightspeed notes that its customers now process over $10 billion annually.
Dax Dasilva, Lightspeed CEO and founder, said, “today, our cloud platform processes more than 17,000 actions per minute. We are investing heavily in scaling our platform to support our rapidly growing and increasingly global user base as well as developing offline transaction capabilities. With omnichannel becoming increasingly important to our retailers and their customers, this funding will also further support the expansion and development of our eCommerce offering.”
Investissement Québec President and CEO Pierre Gabriel Côté, said, “we are pleased to support Lightspeed and help make this thriving and innovative Québec-based company a dominant force in the industry. This investment will not only create high-quality jobs in Québec, but also help build a world-class technology company right here. It is also a clear demonstration of Investissement Québec’s desire to continue supporting innovative businesses and confirms its position as one of Québec’s venture capital leaders.”