Other investors included Barclays Bank, RBC Ventures and BMO Capital Partners, as well as previous investors including OMERS Ventures, JPMorgan Chase and BDC Capital’s IT Venture Fund. The funds will be used to develop the next generation of TouchBistro’s restaurant point-of-sale (POS) software and new payment systems, and to expand into new markets. (The Logic)
Talking point: The deal marks OMERS’s largest-ever investment in an early-stage Canadian company, and continues its recent trend of making larger tech investments: in 2017, only one of its investments was over $50 million, according to Crunchbase data. In 2018, OMERS invested $100 million in Hopper and $125 million in Berlin-based wefox Group. Lightspeed, which had its IPO in March, competes with TouchBistro’s restaurant POS system. My colleague Zane reported in May that the company was staffing up in Europe and Australia post-IPO. With the new funding allowing TouchBistro to expand internationally, the two firms will now have further opportunities to compete for restaurants’ business. Lightspeed’s stock was down over seven per cent in late afternoon trading.