Lightspeed POS Partners
LightSpeed Raises Million Series A Investment from Accel Partners
Quebec’s Fastest Growing Company Enables Retailers to Reinvent the In-Store Experience
Leading Venture Capital Firm Partners with Rapidly Growing Software Provider to Reignite Growth in Retail Industry
– LightSpeed, a leading software company that helps retailers revolutionize in-store shopping, announced today the closing of a US $30 million Series A investment from Accel Partners. The funding represents the first institutional investment in the Company’s history and will be used to further bolster LightSpeed’s rapidly growing team, enhance its product portfolio and drive international expansion opportunities.
LightSpeed’s technology arms retailers with powerful tools that reinvent the shopping experience for today’s iGeneration consumers. The Company was founded in 2005 in Montreal by software designer and CEO, Dax Dasilva. LightSpeed’s software turns Mac computers, iPads, and iPhones into cutting edge sales and retail management tools—bringing the access, value and speed of online shopping into the store environment. The Company’s solutions are used by nearly 10, 000 retailers in more than 30 countries, ranging from boutiques in NYC’s trendy SoHo district such as Nordstrom-owned Treasure & Bond to large global brands like Adidas and Vespa, to improve the customer’s shopping experience, store sales performance and back-office efficiency.
LightSpeed is helping solve the most crucial issue facing retailers today: creating an in-store experience exciting enough to compete against e-commerce, ” said Accel partner, Ryan Sweeney, who will join the Company’s board. “LightSpeed offers the only solution we’ve seen that allows any retailer to create an Apple-like in-store experience, which draws people away from the computer and into the store.
Over the last 5 years, the Company has grown revenue approximately 2, 000%, earning the title of Quebec’s fastest growing company in 2011. LightSpeed’s success to-date has come without external funding, as Dasilva and team have bootstrapped the Company.
Raised on Macs, iPhones and iPads, today’s iGeneration consumers have become accustomed to shopping online from their couch–easily navigating through product selections and comparing prices across the web. By delivering an in-store experience that is as convenient, user-friendly and compelling as shopping online, LightSpeed holds the key to getting consumers off the couch and back into the store. LightSpeed’s solutions include the first truly interactive point-of-sale system for iPad, giving stores a personalized selling tool that scans inventory and details products not on the selling floor through its “Show & Tell” feature. In addition, purchases can be made from a mobile device anywhere in the store, without waiting in a long check-out line.
