Target and Toys R Us posted overall sales declines during the holidays.
The company plans to use the funds to bolster its technology, recruit more retailers to sell on its platform and hire more staff.
Canadian online marketplace Shop.ca announced today that it has raised C$31 million ($28.3 million).
The marketplace plans to use the funds to grow its business by bolstering its technology, recruiting more merchants to sell on the platform, advertising its presence and hiring more employees.
This is the second major funding round for Shop.ca. It raised C$21 million ($19.2 million in today’s dollars) in mid-2012, the same year the site debuted.
New and existing investors participated in the latest funding round, including new investor Shaw Communications Inc, a major Canadian telecommunications company. Torstar Corp., the media company that owns the Toronto Star newspaper and Harlequin publishing, also participated. Torstar led the 2012 funding round and, as of November, own a 21.7% interest in Shop.ca.
“We are extremely pleased with the response and support of our plans from new and existing shareholders," says Drew Green, CEO and founder of Shop.ca.
To sell on Shop.ca, merchants must warehouse goods in Canada. The marketplace offers free shipping and free returns on purchases.
Shop.ca says it has more than 2,000 merchants and a SKU count in the millions in 28 product categories. Sales transacting on Shop.ca year to date are up 265% versus the same period in 2013, a spokesman says.