Shop.CA, the Canada-based e-commerce company backed by telecommunications firm Shaw Communications and media companies Torstar and Slaight Communications, has raised C$20m ($16.1m) in new funding, CEO James Haggarty has told Reuters.
Financial services firm Scotiabank led the round, which included contributions from undisclosed new and existing investors. The company’s total funding now stands at about C$75m.
Founded in 2012, Shop.CA operates an e-commerce platform through which approved partners can list and sell products and services to a Canadian customer base.
Shop.CA raised $31m in a May 2014 series B round featuring Shaw Ventures, the corporate venturing arm of Shaw Communications, Torstar, Slaight and speciality finance firm Difference Capital. The round also included Pyramis Global Advisors and Bank of Nova Scotia subsidiary Dynamic Funds, according to CrunchBase.
Haggerty told Reuters that Shop.CA, which recorded 90% in sales growth over the course of 2014, is planning to go public in the next year in order to take advantage of a market that is currently enthusiastic about Canada’s technology sector.
“Going public has always been our liquidity plan, and the current market conditions have forced us to look at it earlier rather than later,” Haggarty said. “There is a lot of interest in us from all angles.”