LightSpeed Closes $35 Million in Funding to Fuel Expansion
It’s been a really crazy year here at LightSpeed.
We introduced LightSpeed Cloud, our web-based POS system solution; Web Store for Cloud, which makes it easy for brick-and-mortar retailers to grow their business online; LightSpeed Cloud for iPad, a streamlined sales tools that drastically improves the customer experience; and Advanced Reporting, a cloud-based retail analytics suite, for both LightSpeed Pro and LightSpeed Cloud.
And this week we reached a major milestone, with 20,000 stores, in 30 countries, now using LightSpeed to build and manage their retail businesses! A huge number of stores, and a huge vote of confidence from you, our amazing customers.
To help us continue developing and getting the best tools in the hands of independent business owners, we’ve finalized a new investment round of $35 million.
The investment is led by iNovia Capital and previous investor Accel Partners. In addition to accelerating developments in our core markets, we plan to use this investment to expand our reach into new geographies and new vertical markets.
Announcing LightSpeed Payments
We’re also announcing LightSpeed Payments, a new payments platform coming this fall in partnership with Element Payment Services, a Vantiv company. With LightSpeed Payments, you’ll no longer need to deal with a third party to begin accepting payments and debit cards, or to access critical financial information. Additionally, we will offer merchant-friendly, transparent flat-rate pricing and support for Apple Pay.
Payments is the next step in our plan to enable retailers to manage their entire business from within LightSpeed. By combining the point of sale with payment processing, we will be able to offer retailers a superior experience. This partnership eliminates the time-consuming task of reconciling between two different systems and will surface information inside of LightSpeed that will allow retailers to make better informed decisions.
This is just the next step of our journey to create the best tools for the best retailers – like you. We couldn’t have done this without you.