The Globe and Mail reports in its Wednesday edition that pension giant Ontario Municipal Employees Retirement System has made its largest investment in a Canadian early-stage technology company, anchoring a $158-million venture financing by Toronto restaurant-software firm TouchBistro Inc.
The Globe's Sean Silcoff writes that OMERS, which co-led with JP Morgan Chase a $72-million financing by TouchBistro in 2018, is doubling down by investing $100-million in a deal that is also backed by Barclays, BMO Capital and RBC Ventures. It is believed the financing values the company at about $500-million before the cash infusion.
It is one of the largest financings of a tech start-up in Canada this year and positions TouchBistro, which is expected to generate close to $50-million in revenue this year, for an initial public offering by early 2021, said co-founder and chief executive officer Alex Barrotti. "I'd like to be the next Shopify," he said, referring to the Ottawa retail-software giant now trading at $435.67.
The funding comes as TouchBistro expands both the breadth of its software offerings to its 16,000-plus restaurant customers, primarily in the United States, Canada, Mexico and Britain, and also its global presence.
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