Caisse investing in U.S. subscription commerce platform
BY Staff | September 16, 2020
The Caisse de dépôt et placement du Québec, alongside existing investors, is investing US$185 million in subscription commerce platform AppDirect Inc.
The funding brings the total equity raised to about US$465 million. Since its first funding round in 2015, the U.S.-based company has experienced tremendous growth, increasing gross merchandise value more than 1,500 per cent, expanding its global footprint and servicing more than 2,000 merchants around the globe. According to a press release, the new funding support will accelerate organic expansion, strategic acquisitions and additional hiring.
“AppDirect has established itself as the global leader in the application market for cloud services delivery,” said Thomas Birch, the Caisse’s global managing director of venture capital and technology. “They are experiencing rapid growth and the quality of its client network illustrates the success of its model. AppDirect plays a key role in simplifying the digitalization of businesses through cloud services and CDPQ’s investment will contribute to the acceleration of its growth plan.”
The AppDirect platform currently powers millions of subscriptions worldwide, for companies like ADP Inc., Deutsche Telekom, Honeywell International Inc., Keller Williams Realty and Vodafone Group.