Online retailer SHOP.CA entered the realm of better capitalized Canadian tech privates today with the announcement of a $31 million Series B financing.
Investors included Torstar, Shaw Ventures and Difference Capital.
The cash brings the amount of money the company has raised to $52-million.
“We are extremely pleased with the response and support of our plans from new and existing shareholders,” said CEO Drew Green. “They share our enthusiasm for the opportunities that exist as Canadians convert to shopping online at SHOP.CA at ever increasing rates,” Green continued.
Founded in 2012, SHOP.CA has quickly become one of the country’s largest online retailers, growing 400% between the fourth quarter of 2012 and the same period in 2013. The retailer, which now boasts more than three-million products, looks to fill a gap in the market for Canadians who want a large selection without the hassle of duties or prohibitive shipping costs.
“This equity raise is a key building block to ensuring we capture the opportunity that exists in Canadian eCommerce,” said founding partner Michael Tait. “The fact that we were able to capitalize our company through a common share raise with this class of investors is strong validation of the exceptional nature of this opportunity and our entire team.”