Montreal-based Lightspeed POS, which producesĀ a point-of-sale system for small businesses, has received the largest investment ever for a Canadian tech startup, and the company is getting its funding from right here in Quebec.
Lightspeed POS CEO and founder Dax Dasilva tells CTV the company has raised US $166 million, and comes from local sources such as the Caisse de Depot and Investissement Quebec.
He says the company's point-of-sale system provides an iTunes-like interface for retailers to be able to simply manage their stores. The software quickly grew, integrating cloud-based services and e-commerce.
Dasilva says the local investments signal an important shift when it comes to Quebec tech companies. He believes that five years ago, the money would have come from Silicon Valley, and the company would have likely become American-owned. Dasilva it also means that the company's headquarters can continue to be based in Montreal and have strong Canadian roots and ownership.
The software is currently being used by more than 45,000 independent retailers and restaurants.
- With files from CTV Montreal