Vancouver’s own LemonStand has secured an undisclosed amount in a seed funding round from the Business Development Bank of Canada (IT Venture Fund) as well as four angel investors; Michael Klinger, Paul Rochester, Kalle Radage and Michael Weider. The former two angels represent the Chief Product Officer for Vancouver’s Payfirma as well as the VP of Ottawa’s Akamai Technologies respectively.
Although the amount if money is unknown, it is to be expected that the funding will be put towards expanding the company’s workforce as well as marketing LemonStand’s e-commerce platform to more small and medium-sized enterprises.
The platform allows retailers to create a customized online store in a manner that is both easy and affordable. The firm has seen their user base increase substantially since its inception two years ago, increasing its customer base twofold in that time while increasing transactions by 250 per cent. The platform has been available in public beta since January and went into wide release in July on this year. Commercial licenses start for as little as $299 although developers are able to use a free trial version here.
“With consumers becoming increasingly comfortable purchasing online, more and more merchants are scrambling for an e-commerce platform that meets their needs of flexibility, quality support, community and at a price point they need to be successful,” said Danny Halarewich, CEO of LemonStand. “We’ve built a strong, loyal community of happy developers around our platform, and we’re very excited to further strengthen the LemonStand ecosystem by investing more into development and partnerships.”
SOURCE: LemonStand
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