The Daily Startup: Lightspeed POS Grabs $61M for Retail, Restaurant Platform

dailystartup_D_20090806101628.jpgArt by Mike Lucas

Lightspeed POS Inc., which provides a service for companies to build and manage their stores and restaurants online and offline, has raised $61 million in new funding, Lizette Chapman reports for Dow Jones VentureWire. The platform allows shop owners to create an online presence, process sales that occur on the website and at physical locations, analyze and reward customers and manage inventory.

The funding also is one of the larger investments for a Canadian startup this year, which is poised to beat last year’s investment totals. Through the first half of the year, Canadian-based venture-backed startups received $765.6 million in funding, according to industry tracker Dow Jones VentureSource. In 2014, startups in the country received $1.47 billion in funding.

ALSO IN TODAY’S VENTUREWIRE (subscription required):

Omada Health Inc., a company that combines behavioral science with Web and mobile technologies to offer interventions and programs for health-plan members with chronic health conditions, has raised a $48 million Series C round to hire more staffers.The Series C was led by Norwest Venture Partners and was joined by return investors U.S. Venture Partners and Andreessen Horowitz as well as newcomers GE Ventures and dRx Capital. Inc. has raised $8 million to expand its infrastructure software beyond the developer market and into companies. The Series A round was led by Baseline Ventures and takes the company’s total funding to $13.5 million. Other investors that participated in the round include Bain Capital Ventures, Divergent Ventures, Ignition Partners and Cloud Capital Partners.

Leap Transit Inc., a venture-backed company that had aimed to provide a swanky bus service in San Francisco, has filed for chapter 7 bankruptcy protection. Leap’s creditors, listed in bankruptcy documents, include Andreessen Horowitz, AngelList’s Leap Fund, Draper Associates Investments, Index Ventures, Marc. R. Benioff Revocable Trust and SV Angel.

Lumity Inc., a San Mateo, Calif.-based startup that has developed software to help smaller companies come to a decision on whether to self-insure and which insurer they should select if they opt to go with a health plan, has raised $14 million in Series A funding. The round was led by Social+Capital Partnership, joined by True Ventures and Rock Health.

Learn Zillion Inc., an education tech startup, has raised $13 million in a Series B round of funding led by Owl Ventures and joined by DCM Ventures, O’Reilly Alpha Tech Ventures and 10 others.

(VentureWire is a daily newsletter with comprehensive analysis of all the investments, deals and personnel moves involving startups and their venture backers. For a two-week trial, visit, scroll to the bottom and click “try for free.”)


Evernote Founder Phil Libin Moves to VC Firm General Catalyst. Phil Libin, the co-founder of Evernote Inc., has joined the venture firm General Catalyst Partners as a general partners in the firm’s Silicon Valley office, The Wall Street Journal’s Rolfe Winkler reports. Mr. Libin stepped down from the startup two months ago.

Snapchat Charges 99 Cents to Replay Disappearing Messages. Disappearing-message startup Snapchat Inc. has added a purchase option so that users can make their favorite messages reappear, the WSJ’s Douglas MacMillan reports. The new in-app purchase option will allow users to replay up to three messages for 99 cents.

Uber Appeals Class-Action Ruling for Lawsuit. Ride-hailing company Uber Technologies Inc. on Tuesday filed to appeal a federal judge’s certification of a class-action lawsuit brought by three drivers who claim they are Uber employees, not contractors, the WSJ’s Douglas MacMillan reports. A federal judge on Sept. 1 granted class-action status to the lawsuit. Several startups face similar lawsuits, and a few have switched their business models.

Jack Dorsey Inks First Tie-Up Between Twitter and Square. Social-networking company Twitter Inc. and payment startup Square Inc. both have Jack Dorsey at the helm, and now they will be working together, the WSJ’s Yoree Koh reports. Square will be providing its payment technology so that Twitter users can directly make donations to political campaigns from the social media app.

Google Bets on Insurance Startup Oscar Health. Insurance startup Oscar Health Insurance Corp. has raised $32.5 million from Google Capital in a funding round that values the startup at $1.75 billion, the WSJ’s Rolfe Winkler reports. The company’s valuation is up from the $1.5 billion tied to a funding round in April. Oscar is focused on signing up individuals through the health-insurance exchanges that were created by the 2010 Affordable Care Act. It currently offers insurance in New York and New Jersey.

Write to Mike Billings at Follow him on Twitter at @mbillings