Vendasta, a Canadian software company offering an end-to-end ecommerce platform for selling digital solutions, has announced its latest funding round.
Since its foundation in 2008, the company has raised over $155mn across six funding rounds. Its latest venture round alone raised CA$119.5mn ($99mn) and was led by Lugard Road Capital, alongside Nicola Wealth Management and the Canadian Business Growth Fund.
The company’s platform is targeted at those selling digital solutions to local businesses, allowing companies to sell software and services under their own brand by combining apps from its marketplace with customers’ own solutions.
“Vendasta is solving some of the biggest challenges facing businesses today. The majority of SMBs are struggling to purchase, implement, and use technology solutions. Our platform is quickly becoming the de facto operating system for both small businesses and the technology providers serving them,” said Vendasta CEO Brendan King. “This investment allows us to accelerate our timeline to completely redefine and democratise the way technology, software, and services are delivered to SMBs.”
The company’s holistic platform incorporates sales intelligence capabilities, as well as marketing automation that automatically notifies salespeople on interest shown.
“We are thrilled to be partnering with the Vendasta team as they continue to revolutionise how SMBs discover, access, purchase, and ultimately interact with software to better their businesses,” said Doug Friedman, Partner at Lugard Road Capital.
Its CRM offering includes hot lead notifications and pipeline management capabilities, including AI that continually analyses data in order to identify leads. Meeting scheduling, email marketing, order processing, and prospect analysis also feature.
“We see Vendasta being very well-positioned to continue to grow and adapt in an ever-changing environment,” added Kazuki Nohdomi, Portfolio Manager at Nicola Wealth. “Considering the secular shift to digital marketing and ecommerce, and the need for small business owners to take advantage of that, we feel this is a great opportunity that fits well in our diversified portfolio.”
