Orckestra, a software-as-a-service company providing e-commerce services for mid-sized to large retailers, raised $12 million in Series B funding. Investors in the funding were existing shareholders Fonds de solidarité FTQ, Fondaction CSN and W Investments.
Orckestra is pleased to announce that it has completed its Series B round of financing with Fonds de solidarité FTQ, Fondaction CSN and W Investments. This group of investors, already shareholders of the company, demonstrates their continued confidence in the company’s strategy and successful commerce platform.
Orckestra’s Commerce Cloud, developed for mid-size and large enterprises, helps retailers, grocers and branded manufacturers deliver innovative shopping experiences online and in-store. It’s a modern platform tailored to suit the complex business needs of large brands like Sobeys, Giant Eagle, FGL Sports and Mondou Pet Supplies, a few of Orckestra’s customers who recently implemented Orckestra Commerce Cloud.
This new investment will be used to sustain the rapid expansion of Orckestra’s sales capabilities in North America and an increased presence in Europe, as well as supporting their accelerated partner channel that has already grown significantly in North America and Europe in the last year with the recent addition of key global partners. In addition, the funds will be used to maximize the integration of Composite AS, acquired in June, as a foundation for Europe and to reinforce the continued marketing efforts and R&D for Orckestra Commerce Cloud and Experience Management for Commerce.
“Our investors are committed to the long-term growth and global scale of Orckestra. Organizations need a more agile digital commerce layer in their business that helps them innovate with new shopping experiences at the speed of consumer demand. We continue to see growing interest and traction from customers internationally, and are thrilled to continue the expansion of our business with this new round of financing,” stated Louis Fournier, CEO and Co-founder of Orckestra. “With the recent acquisition of Composite in Denmark, and expansion of our commercialization plans, Orckestra will continue to deliver the leading commerce cloud platform on Microsoft Azure helping larger organizations bring unique omni-channel experiences to market. Today, this solution is available globally to partners, due to the vast distribution and scale of the cloud platform we run on.”
“With innovations and strategic acquisitions, Orckestra has become a force to be reckoned with. This young Québec-based company is leading the way in the e-commerce solutions market, and its strong potential for growth confirms its leadership role in this promising sector”, said Alain Denis, Senior Vice-President, Innovation, for the Fonds de solidarité FTQ.
With the most recent V3.5 release of Orckestra Commerce Cloud, simplifying the delivery of digital commerce both online and in-store is key. They’ve built a seamless framework for retailers to centrally deliver digital commerce experiences directly to mobile devices and interactive digital displays in the store. Orckestra continues to leverage the Microsoft Azure ecosystem to improve performance, time-to-market and the overall speed of innovation for their customers.
“We are very confident in our decision to continue investing in Orckestra. They are a bold company that is leading the way in e-commerce technology development, with remarkable evolution and numerous successes making it an easy decision. We are proud to be associated with this innovative organization,” said Luc Villeneuve, Assistant, Head of Investments, Fondaction CSN.
Nicolas Belanger, Managing Partner and co-founder of W Investments, explains, “Orckestra’s people are passionate, fast, agile and highly dynamic. They really make a difference and represent the new commerce generation. We at W Investments are proud to support their growth and mission of becoming a world leader in their field.”
2015 was a break-through year for Orckestra. Several major retailers and grocers went live with the Orckestra Commerce Cloud, achieving their goals of growing their online revenue and creating thrilling digital experiences for their customers.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,550 companies. With 610,605 shareholder-savers, the Fonds has helped create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
About Fondaction CSN
Fondaction manages almost $1.4 billion in assets from retirement savings collected from over 128,000 shareholders. Through its investments and commitments, either directly or by way of partner or specialized funds, Fondaction supports the development of more than 850 SMEs, which make a distinct contribution and which include many social economy businesses.
About W Investments
W Investments is a private Québec investment firm that targets businesses with high growth potential. Taking an entrepreneurial approach, the partners guide companies in their development, maximizing their strengths and assets. A springboard for talent, W Investments ensures the next generation of entrepreneurs, guarantees growth and brings added value that makes all the difference.
Founded in 2006, Orckestra is a software and services company and provider of Orckestra Commerce Cloud, an omni-channel commerce solution for mid-size and large enterprise retailers, grocers and branded manufacturers. Powered by unique Commerce Orchestration™ technology, Orckestra Commerce Cloud goes beyond traditional e-commerce solutions and platforms by allowing brands to deliver streamlined customer experiences across physical and digital touch-points, all from a single platform running on Microsoft’s Azure Cloud.