Photo courtesy of Lightspeed.

Lightspeed, a commerce solutions company based in Montreal, said today that it closed a $166 million investment. The Series D investment round was led by Caisse de dépôt et placement du Québec with an investment of $136 million and included participation from Investissement Québec, iNovia Capital and a credit line from Silicon Valley Bank, the company said.

The total amount invested in the firm reached $292 million.

Lightspeed offers point-of-sale and omnichannel solutions for retail and restaurant businesses. Founded in 2005, the firm said it processes more than $15 billion in transactions annually and services approximately 50,000 customers on its platform. Of Lightspeed’s 40,000 customers in more than 100 countries, they have seen a 20 percent increase in sales after one year of using Lightspeed solutions and boast a 98 percent customer satisfaction rating. Dax Dasilva, founder and chief executive officer of Lightspeed, said the “retail and restaurant industries now require businesses to deliver a greater and more unique experience to thrive,” and that the firm is leading digital transformation via its platform because it allows “local businesses to increase revenue, continue to innovate, and ultimately deliver an extraordinary shopping or dining experience.”

Lightspeed’s headquarters in Montreal.  Photo courtesy of Lightspeed

Christian Dubé, executive vice president at Québec at la Caisse, said, “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.” Dubé added that the “investment is part of our commitment to provide long-term support to Québec’s new-economy companies as they grow internationally.”

Lightspeed’s clients include Malin + Goetz, Vera Wang, Diane von Furstenberg pop-ups, Thom Browne and Draper James, Reese Witherspoon’s luxury clothing brand.

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