Saskatoon company Vendasta announces $119.5M in venture capital financing

Vendasta, a Saskatoon software company, has raised $119.5 million in venture capital financing to accelerate growth and hire more employees.

The financing follows a $40-million cash injection in 2019.

Vendasta's online software gives small and medium businesses (SMBs) that don't have their own sophisticated digital platforms access to services such as marketing, human resources and accounting.

"The majority of SMBs are struggling to purchase, implement, and use technology solutions," said Vendasta CEO Brendan King in a news release. "Our platform is quickly becoming the de facto operating system for both small businesses and the technology providers serving them."

King said the investment will allow the company to accelerate its growth timeline.

The company employs more than 500 people and says it plans to hire up to 150 employees in the coming year.

The investment comes from New York-based Lugard Road Capital, Nicola Wealth, the Canadian Business Growth Fund (CBGF)and a set of existing investors.