Ottawa's Shopify raises $100 M in venture capital

Ottawa startup Shopify, which makes software used by thousands of businesses to sell their products online, has raised $100 million to expand its software for retailers to use in their physical stores.

The large amount of venture capital is being put forward by five investors, led by the investment arm of OMERS, the pension fund for Ontario municipal employees.

Three Ottawa entrepreneurs launched Shopify in 2006 as an e-commerce software platform that businesses could use without having to develop their own websites.

With the new investment, Shopify plans to expand an iPad app it has developed that allows businesses to swipe credit cards and email receipts in-store, along with track sales.

At Shopify's office in Ottawa's ByWard Market, some employees sit in beanbag chairs working on laptop computers, while others take a break to play video machines or pinball. But the loft-like space is getting cramped, and Shopify plans to move in the coming months. The company has already doubled its staff this year, and with the $100 million dollars in venture capital, it sees hiring nearly another 200 people, mostly in Ottawa but also in Montreal and Toronto.

Source: cbc

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