(Toronto, ON — May 1st, 2014) - SHOP.CA, Canada’s leading online shopping destination, known for its daily sales events, millions of products, top brands, personalized customer service and free shipping and returns, today announced it has raised $31 million in Series B funding.
New investors in this round of funding include Shaw Ventures, an affiliate of Shaw Communications Inc., alongside a select group of large North American financial institutions. SHOP.CA’s existing investors, including Torstar Corporation, Slaight Communications, Difference Capital and a host of SHOP.CA team members also participated in this financing.
“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. “They share our enthusiasm for the opportunities that exist as Canadians convert to shopping online at SHOP.CA at ever increasing rates,” Green continued.
This latest round brings the total cash raised to date to $52 million in less than two years. Scotiabank acted as exclusive financial advisor.
“This equity raise is a key building block to ensuring we capture the opportunity that exists in Canadian eCommerce,” said Michael Tait, founding partner of SHOP.CA. “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.”
SHOP.CA will use the additional capital to continue to build out its proprietary technology stack, add to its merchant network, enrich its customer loyalty initiatives and execute on exciting partnership opportunities here in Canada and globally. In addition, SHOP.CA will ramp up its digital marketing and marketing partnerships as well as hire additional partner-employees to scale the business to profitability.
For more information, please visit: http://www.shop.ca.
SHOP.CA is one of Canada's largest e-Commerce destinations and fastest growing retailers. Launched in July, 2012; SHOP.CA offers Canadian consumers an easy, compelling and convenient shopping experience that is differentiated through vast selection of top brands, exclusive daily sales, exceptional service and a loyalty program that has millions of active members. SHOP.CA offers merchants an opportunity to create an additional sales channel in Canada's increasingly competitive retail landscape.
For further information and/or interview opportunities, please contact:
Mark Daprato | SHOP.CA | firstname.lastname@example.org | 416-915-4286
Please visit SHOP.CA and @SHOPdotCA for exciting, new updates