Moving at the Speed of LightSpeed
Retail commerce platform LightSpeed has closed $35 million in new funding led by Canadian investment firm, iNovia Capital, and previous investor, Accel Partners. It's second round of funding, LightSpeed's total capital raised is now $65 million.
"At LightSpeed, we're passionate about building the most innovative software products for retailers around the world and continuing to delight our customers," said Dax Dasilva, CEO of LightSpeed. "This investment will help us continue to scale our reach and break into new verticals and geographies."
More than 20,000 retailers in 30 countries are currently using the solution according to the company, including Adidas, Harman, Leica and DASH. The company is processing more than $7.5 billion in transactions annually.
The funding will likely be used to accelerate the growth of LightSpeed products including LightSpeed Web Store for Cloud, LightSpeed Cloud for iPad (a brandable point of sale system that launched in May), its Advanced Reporting suite (which offers cross-channel and multi-store analytics), and finally, the newly released LightSpeed Payments.
"Payments is the next step in our plan to make it possible for retailers to manage their entire business within LightSpeed," said Dasilva. "By combining the point-of-sale with payment processing, LightSpeed will be able to offer retailers an end-to-end experience superior to anything in the market. This partnership eliminates the time-consuming task of reconciling between two different systems and will surface information inside of LightSpeed that will allow retailers to make better informed decisions."