TORONTO, May 01, 2014 (BUSINESS WIRE) – 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 proud to be Canada’s largest store and fastest growing e-Commerce destination. Anchored by an outstanding customer loyalty team, over 3 million products, thousands of popular and new brands, Free Shipping and a 365 Day Return Policy, SHOP.CA is Canada’s most comprehensive online Shopping experience. Launched in July 2012, SHOP.CA offers Canadian online shoppers a truly compelling and convenient shopping experience.
Mark Daprato, 416-915-4286