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The investment, led by OMERS Growth Equity, values the Quebec City-based firm at $1.46 billion. Previous investors Evergreen Coast Capital, Investissement Québec and Fonds de solidarité FTQ also participated. (The Logic)

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Talking point: Coveo plans to use the capital for acquisitions and staff growthit’s currently adding about 60 people a quarter, about 50 of which are based in Canada. “Coveo is a real company with real customers and it’s growing,” CEO Louis Têtu told The Logic. Most of the new hires will be in Montreal and Quebec City. The firm recently opened a Montreal office that has 160 people in it, but can fit 300. “It’ll be full in a year,” said Têtu. By nearly any metric, Coveo is now well ahead of its perennial rival, Montreal-based Element AI: the former has $100 million in annual revenue, the latter less than $10 million. Even in fundraising, Coveo’s current round is larger than Element’s $200-million Series B announced in September. Though Coveo has raised most of its money from Canadian investors—75 per cent of its cap table is Canadian and about 65 per cent is from Quebec—it hasn’t taken subsidies from government. That’s something Têtu is proud of: “We’re actually demonstrating that we can build value here without government subsidy.”

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Existing investors, including private equity firm Novacap and the pension Caisse de dépôt et placement du Québec, participated in the round. (The Logic)

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Talking point: Nuvei was last valued at $525 million, when Novacap and the Caisse purchased a majority stake in the firm. This quintupling in value is partially due to Nuvei acquiring SafeCharge for US$889 million, leaving it with a nearly identical amount of debt. Nuvei will focus on growth with this round, both within its own business and by acquiring others. The firm is the fifth Canadian company to raise over $200 million this year. It’s also the latest Quebec firm to bring in a big round with an eye on picking up smaller rivals. When Coveo raised $227 million in November, its CEO Louis Têtu told The Logic he wanted a war chest so that if the industry or the economy takes a downturn, he’s in a strong position to acquire.