Montreal-based cloud-based POS and inventory management startup Lightspeed POS said Wednesday they have landed $61 million in funding.
The round was led by Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ), alongside existing investors Accel Partners and iNovia Capital and brings Lightspeed’s total funding to date to $126 million.
Lightspeed processes some $10 billion a year in transactions from 25,000 customers in 100 countries. The company got its start catering to retail stores selling Apple products, which thrived before the days of the tech company’s strong play in brick-and-mortar a few years ago.
The company’s pricing model works differently than competitors like Square; rather charging a percentage of transactions, the company charges a $76 monthly fee plus extra charges for add-ons or additional stores.
CEO-founder Dax Dasilva said in a statement that the funds will go to fuel the company’s growth and continuing expansion; the company recently opened offices in London and Ghent, Belgium.
“We are investing heavily in scaling our platform to support our rapidly growing and increasingly global user base as well as developing offline transaction capabilities,” Dasilva said. “With omnichannel becoming increasingly important to our retailers and their customers, this funding will also further support the expansion and development of our eCommerce offering.”