Canada-based e-commerce company Shop.CA has raised $31m in a series B round backed by investors including Shaw Ventures, the corporate venturing affiliate of telecommunications company Shaw Communications.
Shaw participated as a new investor, while returning investors included media companies Torstar and Slaight Communications, and speciality finance provider Difference Capital. Shop.CA previously raised $21m in its 2012 series A round.
The company will use the capital to continue growing its proprietary technology base, develop its merchant network, enhance its merchant network and partnerships, and grow its marketing and digital marketing partnerships.
“This equity raise is a key building block to ensuring we capture the opportunity that exists in Canadian e-commerce,” said Michael Tait, founding partner of Shop.CA. “The fact that we were able to capitalise our company through a common share raise with this class of investors is a strong validation of the exceptional nature of this opportunity and our entire team.”