Young E-Commerce Platform Receives Large Investment
Becoming successful in the e-commerce sector is no easy feat. Alone, good work ethic and a dedicated team is not enough to make it in this brutal line of business. What you really need in order to be successful in this industry is a lot of money.
SHOP.CA, a Canadian online shopping platform, has announced they received $31 million through a second round of funding. The money was received in a round of series B funding (second round of financing by private equity investors or venture capitalists). In less than two years the young company, launched in July 2012, has raised a total of $52 million and become one of Canada’s top 10 e-commerce websites.
“We are extremely pleased with the response and support of our plans from new and existing shareholders,” said Drew Green, ceo and founder of SHOP.CA
The company says it's planning to use part of the new cash influx to build its own proprietary technology stack (a set of software that provides the infrastructure for a computer).
“This equity raise is a key building block to ensuring we capture the opportunity that exists in Canadian e-commerce,” said Michael Tait, founding partner of SHOP.CA.
SHOP.CA’s competition includes Canada Goose, Well.ca and Indigo.