iNovia Capital, Accel Partners lead $35 mln funding of LightSpeed
LightSpeed Retail Inc, a Montréal-based retail commerce platform, has secured $35 million in new financing. The round was co-led by Canadian venture capital firm iNovia Capital and U.S. firm Accel Partners, which led LightSpeed's prior funding in 2012. The investment, which brings the company's total funding so far to $65 million, will allow for scaling of market reach and breaking into new verticals and geographies. LightSpeed reports that more than 20,000 stores processing more than $7.5 billion in transactions annually use its platform to unify inventory, customer preferences, sales and analytics, in-store and online. The company was founded in 2005 and has additional offices in New York City, Olympia, Ottawa, and Santa Cruz, California.
