On May 27, 2021, Vendasta announced $119.5 million in financing, led by Lugard Road Capital and supported by the Canadian Business Growth Fund (CBGF), and some existing investors. This is the largest venture capital round ever for a Canadian Prairie information and communications tech firm, besting the $40 million record previously set by Vendasta in 2019. The funds will be used to boost sales growth for the company’s ecommerce platform for companies who provide digital services to SMEs around the world.
“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 democratize the way technology, software, and services are delivered to SMBs.”
“We are thrilled to be partnering with the Vendasta team as they continue to revolutionize how SMBs discover, access, purchase, and ultimately interact with software to better their businesses,” said Doug Friedman, Partner at Lugard Road Capital.”
“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.”
Based in Saskatoon, Vendasta is a leading technology company in Saskatchewan and Western Canada. With more than 500 employees, the company plans to hire up to 150 employees within a year.