Threekit, an Ottawa-founded SaaS startup, has raised $43.6 million CAD ($35 million USD) in an all-equity Series B funding round led by Leaders Fund. The financing also saw participation from strategic investors ServiceNow and Capgemini and existing investors Salesforce and Shasta Ventures.
David Stein, co-founder and managing partner of Leaders Fund, a B2B software-focused venture capital firm, joins Threekit’s board of directors as part of the investment round.
The startup is also backed by entrepreneurs and athletes, including Godard Abel (founder of G2, Steelbrick, and BigMachines), Carsten Thoma (founder of Hybris), Ray Grady (former general manager of Salesforce Commerce Cloud), and Steve Young—former quarterback for the San Francisco 49ers.
Founded in 2014 by Ottawa-based CTO Ben Houston, Threekit is a provider of a product visualization software platform that automates the creation of 2D, 3D, and AR products.
Through Threekit’s technology, businesses can produce a prototype without making a physical product. Shoppers can customize the product, zoom-in, rotate, add parts, and more with the digital tool. Threekit CEO Matt Gorniak said the company has generated $1 billion in sales for its B2C and B2B clients this year.
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Threekit also enables brands to create products that can be minted and sold to people as NFTs. The brands that work with Threekit will also be able to represent their entire portfolio to the metaverse, allowing customers to engage with their products digitally.
According to the company, its new capital will be used for expanding its product platform, e-commerce integrations, global sales organizations, and partner network. The raise brings Threekit’s total funding to $80.1 million CAD to date.
Threekit moved its headquarters to Chicago in 2018, but still has a technology innovation centre in Ottawa. A representative for the company told BetaKit at the time that the move was designed to create close proximity to Ottawa’s visualization tech pool, including from the University of Ottawa and Carleton University.
In November 2019, Threekit raised $20 million from its Series A round led by Shasta Ventures, and saw participation from Salesforce Ventures, Young, and Abel. Abel also invested $10 million USD into Threekit in January 2019 where he took on the role of executive chairman for the startup.