Ottawa-based Shopify has risen to massive internet and eCommerce fame over the past number of years. Tobi Lütke, its CEO, leads the company of 500 employees and recently passed $5 billion in total sales. Shopify head office located in Ottawa and also has a locations in Toronto and Montreal.
A prestigious award has been handed to Lütke from the Globe and Mail’s Report on Business Magazine. The publication has deemed Lütke the CEO of the Year in Canada.
Regarding raising money from outside sources, Lütke stated that “My early interactions with VCs were really, really poor… People just did not understand what I was doing.” At one point in time Shopify only had enough money in the bank for 4-weeks. Now, with millions of transactions and thousands of businesses using its services, Lütke stated that one must encourage employees at all levels to keep thinking long-term.
The latest round of funding came in a massive $100 million last December from OMERS Ventures and Insight Venture Partners, along with participation from Bessemer Venture Partners, FirstMark Capital, Georgian Partners, and Felicis Ventures. At the time, Shopify noted that over 100,000 businesses were using its software for their online business and eCommerce needs.
The entire article is a fascinating read and inspirational for anyone entering a startup.
Read the complete interview here at ROB