A leading Canadian e-commerce platform, ShopperPlus (or the “Company”), successfully raised C$17 million to fuel its growth. Both Celtic House Asia Partners and the Canadian Business Growth Fund (“CBGF”) led the financing, with participation from Celtic House Venture Partners and National Bank SME Growth Fund L.P.. In addition, two noteworthy angel investors joined the round: the co-founder of Wish’s e-commerce shopping app, Danny Zhang, and the Managing Director of Sequoia China, Kevin Pan.
“This marks a significant milestone for ShopperPlus. The additional capital and support of renowned and well-respected institutional investors will open the doors to significant opportunities. Beyond its financial contribution, Celtic House Asia Partners will enable ShopperPlus to enhance its supply chain and ecosystem integration. Additionally, having Canadian and Quebec investors is a pivotal part of our strategy as we look to gain additional market share in Canada with a keen eye on the United States of America,” said Jack Zhan, Founder and CEO of ShopperPlus.
“In these uncertain times, we will continue to source high-quality products at reasonable prices for our customers. This investment will enable us to enhance our product offering and accelerate deliveries. We plan to double the size of our Montreal warehouse and make good use of cutting-edge robotics technology to accelerate delivery times. Additional territorial expansions are also planned over the next two to three years,” added Mr. Zhan
Over the past 14 years, ShopperPlus’ product offering have grown considerably and now includes office supplies, electronics, lifestyle, kitchen, utensils and other home goods categories. The company’s success is also attributable to its technology and marketing platforms that enable customers to benefit from targeted product recommendations based on individual purchase patterns and seasonality. In addition to its thriving business-to-consumer program, the company also developed a very successful corporate office supply program. In addition, ShopperPlus’ house brands are increasingly recognized in Canada and purchased via their website.
In Canada, ShopperPlus has two warehouses that together stock over 60,000 products. The company has also established a new product development center and technology research center in Canada and China.
Jack Zhan noted that e-commerce has profoundly impacted retail, with youths, especially Canadians, becoming increasingly receptive to online shopping. ShopperPlus’ logistics infrastructure increases order fulfillment speeds, making it much faster than typical delivery turnaround times in Canada. “We are proud to back Jack and his team as they expand into new markets and continue to develop its private-label offerings,” stated George Rossolatos, CEO of CBGF.
“ShopperPlus has a stellar business model,” said Jie Chen, Managing Partner at Celtic House Asia Partners. “Its data-driven product suggestions and self-owned fulfillment centres provide competitive advantages. With the support of this financing, ShopperPlus’ will continue to scale its service across Canada and major U.S. cities.”
“We are pleased to be partnering with Celtic House Asia Partners, CBGF and National Bank SME Growth Fund to support the expansion of ShopperPlus’ business in Canada and the U.S.,” said David Adderley, Partner at Celtic House Venture Partners. “Jack and his team have built an exceptional e-commerce retail business and fullfilment infrastructure, providing online shoppers with access to high quality products at competitive prices delivered to their door.”
“National Bank SME Growth Fund is proud to support such a great Quebec company. We were impressed with the founder’s commitment and growth strategy. The fund welcomes the opportunity to help Quebec companies with innovative business plans. We look forward to supporting ShopperPlus in their next stage of expansion,” stated Luc Ménard, the Head of Nationa Bank Private Investments.
www.shopperplus.ca was created with a simple goal in mind – to provide quality ink and toner cartridges, printers and office supplies, cables and adapters, cellphone and camera accessories, and more at the lowest price possible for our Canadian customers. The Shopperplus.ca family now is composed of 3 websites including www.123ink.ca; www.primecables.ca and www.living.ca. The Company’s head office and principal warehouse is located in Montreal with a Distribution Center in Vancouver and another Branch Office in Guangzhou, China.
About Canadian Business Growth Fund
Launched in 2018, the Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses in Canada with typical investments between $3 and $20 million. An evergreen investment fund with capital commitments of $545 million from Canadian financial institutions, CBGF is committed to long-term partnerships with the companies it invests in. For more information visit www.cbgf.com
About Celtic House Asia Partners
Celtic House is a veteran Canadian venture capital firm with nearly 30 years of experience focus on B2B SaaS. In recent years, it has developed a new investment fund in Asia. The Asia Arm specializes in consumer platforms and digital health, with disrupted portfolios including Applyboard, GrubMarket, Cerebral, Fantuan and so on.
About Celtic House Venture Partners
Drawing from its experience as one of Canada’s most active investors in technology and innovation, Celtic House collaborates with exceptional founding teams with strong track records and a data-driven mindset to build category-leading technology companies. These collective efforts have resulted in over 25 IPO and M&A transactions in the past 20 years. For more information, visit www.celtic.vc.
About National Bank SME Growth Fund
Announced in July 2020, the National Bank SME Growth Fund L.P. (the “Fund”) was created to help Quebec entrepreneurs accelerate their corporate goals. This $200 million Fund is an equal partnership with the Quebec government and more than 245 private investors. Its primary objectives are to ensure Quebec’s economic growth and support the digital transformation of small and medium-sized enterprises. The Fund is managed by an experienced and dedicated team that strives to add value to our business community leaders.