Saskatoon-based cloud commerce platform Vendasta has announced that it’s raised $40 million in growth funding.
Vendasta’s software allows businesses that provide digital solutions to small and medium businesses (SMBs), including broadcasters, media companies and agencies, to sell all of their digital and non-digital solutions in one spot from SEO and SEM, to websites and social ads.
Currently boasting more than 10,000 channel partners, the company has been named one of the 50 fastest growing tech companies in Canada and one of the top 500 fastest growing companies in North America by Deloitte. It’s also been listed on Canadian Business magazine’s Growth 500 for three consecutive years.
This latest round of growth funding, $25M of which was led by the Canadian Business Growth Fund (CBGF), follows an earlier round in May of $15M led by Comporium Inc. and Saskworks Venture Fund Inc. with participation from existing investors Vanedge Capital LP and BDC Capital IT Venture Fund. It marks the single largest information and communication technology investment in the prairies since the Canadian Venture Capital Private Equity Association (CVCA) started collecting data in 2013.
With the new investment, Vendasta plans to expand its Saskatoon-based team from 285 people to 650 in the next three years and enhance the Vendasta Platform, including its owned and operated product suite and marketplace of digital solutions. The company also plans to accelerate its expansion into new customer channels including banks, telcos, insurance companies and other enterprise organizations looking for a scalable technology solution to serve SMB customers.
“SMBs worldwide are purchasing and relying on cloud-based software more than ever before. It’s projected that SMB spend on software as a service (SaaS) solutions will represent a $76 billion market opportunity in the US alone by 2020. They’re turning to trusted local experts to provide that software, and we are uniquely positioned to empower those experts with our cloud commerce platform,” said Vendasta CEO Brendan King in a release. “At the end of the day, we’re passionate about driving local economies and helping small businesses succeed,” said King.
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