LightSpeed, a provider of cloud-based commerce solutions, has closed $35 Million in new funding led by iNovia Capital and Accel Partners. This is the second round of funding for LightSpeed, bringing the company’s total capital raised to $65 million. LightSpeed will use the money to help accelerate the development and release of new solutions.
“LightSpeed is deeply ingrained in the challenges and needs of today’s retailer,” said Chris Arsenault, Managing Partner at iNovia Capital. “They’ve figured out how to make big box retail tools easy and accessible to independent retailers to help them thrive in a highly competitive market. We are thrilled to be their partner in this journey.”
Over the past year, LightSpeed released a series of new solutions designed to help retailers build, manage and grow their businesses, including LightSpeed Web Store for Cloud, LightSpeed Cloud for iPad, and Advanced Reporting.
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LightSpeed also has plans to venture into the payments space as a result of a partnership with Element Payment Services. The new platform, called LightSpeed Payments, eliminates the need for a third-party solution to accept payments or access critical financial information.
