Québec City-based telecom software startup Gaiia has raised a $40-million USD ($54.8-million CAD) Series B round as it hopes to invest an “ungodly” amount in its product, research and development, and 90-person team.
Gaiia has raised nearly $90 million CAD from backers including Y Combinator, GTMfund, and Workleap CEO Simon De Baene.
The all-equity, all-primary minority investment was led by US private equity firm JMI Equity—which has backed Canadian tech companies such as Clio and PointClickCare—with participation from Montréal’s Inovia Capital. JMI Equity will also take a board seat as part of the deal, which closed in April.
“This round fuels our ambition to be the most customer-centric platform for [communication service providers,” CEO and co-founder Marc Campagna wrote in a LinkedIn post on Tuesday.
Gaiia is a spinout of Oxio, a Montréal-based internet service provider that sold its telecommunications operations to Cogeco Connexion in 2023. Following the transaction, Oxio became Gaiia’s first customer (but Oxio is not a Gaiia shareholder). With the new investment, Gaiia has raised nearly $90 million CAD from backers including Y Combinator, GTMfund, and Workleap CEO Simon De Baene.
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Campagna told BetaKit in an email that the company has tripled its revenue for the past three years and is on track to repeat the trend in 2026. The company claims that its growth has been largely “word-of-mouth,” driven by customers recommending its services.
The company aims to be the “Shopify” for challenger internet service providers by offering a wide range of services, such as workflow automation, customer relationship management, and a field service app. Part of that mission is providing AI-native, less clunky software that by extension, results in a smoother experience for end customers. It also wants to stand out from competitors by waiving fees to migrate onto Gaiia’s system and significantly cutting onboarding times.
Feature image courtesy Unsplash. Photo by David Arrowsmith.