(photo-supplied)

Saskatoon company Vendasta has announced $119.5 million in venture capital financing. The software company says it will use money to accelerate growth in its end-to-end ecommerce platform and expects to hire 150 people this year. The technology is designed for companies which provide digital products and services to small and medium businesses – SMBs – worldwide.

The company says this is the largest information and communication technology venture capital round in Canadian Prairie history. The record was previously set by Vendasta in 2019 when it secured a $40 million growth fund.

Vendasta experienced strong growth last year and this year as COVID-19 accelerated the adoption of digital technology by small businesses. Vendasta CEO Brendan King says, “This investment allows us to accelerate our timeline to completely redefine and democratize the way technology, software, and services are delivered to SMBs.”