Funding will drive continued innovation for Lightspeed HQ’s rapidly growing customer base of nearly 50,000
Lightspeed POS Inc., the world’s most advanced cloud-based point-of-sale software solution for independent retailers and restaurateurs, today announced it has closed a US $166 million (almost £125 million) Series D investment.
The round was led by Caisse de dépôt et placement du Québec (la Caisse) with an investment of US $136 million (£122 million). Investissement Québec (IQ), iNovia Capital and Silicon Valley Bank completed the transaction.
With global demand continuing to grow for cloud-based EPOS and commerce solutions, this investment affirms the opportunity ahead for the Canadian-based technology company, bringing the total amount invested to US $292 million (around £220 million).
Lightspeed remains focused on providing customer-centric, market-leading EPOS technology solutions that power serious retail and restaurant businesses. The additional investment supports further innovation of its fully-integrated omnichannel Retail and mobile Restaurant solutions, and supports the company’s global expansion to address market demand.
“The retail and restaurant industries now require businesses to deliver a greater and more unique experience to thrive,” says Dax Dasilva, Founder and CEO of Lightspeed. “Lightspeed is leading the digital transformation with our powerful, easy-to-use platform, which enables your favourite local businesses to increase revenue, continue to innovate, and ultimately deliver an extraordinary shopping or dining experience.”
“Two years ago, when we first invested in Lightspeed, the company was already considered a Canadian leader in its field. Today, its solutions are used in more than 100 countries and Lightspeed is the world’s largest company in its sector. This success is due to the impressive innovations that it implemented and the strategic vision of its experienced management team,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “This investment is part of our commitment to provide long-term support to Québec’s new-economy companies as they grow internationally.”
The company now operates in more than 100 countries, in multiple languages and currencies, and processes over US $15 billion in transactions annually. With nearly 50,000 customers on the platform, Lightspeed is perfect for retailers and restaurateurs with physical locations requiring technology to simplify operations and complex data, providing intelligent insights to sharpen decision-making around inventory, customers and employees.
Lightspeed customers see a 20% increase in revenue, on average, during the first full year on the platform. A few of the marquee retail brands that use the EPOS platform every day to power their businesses include: KNOMO, Malin + Goetz and Mr Start. Restaurateurs are beginning to adopt new technology at a much faster pace than ever before, and some of the places Lightspeed can be found include: Hummus Bros, Crêpeaffaire and Absurd Bird.