CPE News (2/17/2021) – Foko Retail has raised $3 million in new funding led by BDC Capital with participation from Canada Economic Development for Quebec Regions (CED), ID Gatineau of City of Gatineau, and current shareholders.
Founded by CEO Marc Gingras, Gatineau, Quebec based Foko Retail provides a SaaS-based communication and task management platform to 60+ leading global retailers like Whole Foods, New Balance, CVS and Five Below.
In addition to BDC Capital, Foko Retail’s venture capital investors/shareholders also include Real Ventures and Mistral Venture Partners.
Foko Retail intends to use new funds raised to drive company’s penetration of international retail markets, and further develop its current suite of products by enabling research and development.
photo credit: Foko Retail
News Release
Foko Retail Secures $3M in Investment, Led by BDC Capital
GATINEAU, Quebec, Feb. 17, 2021 (GLOBE NEWSWIRE) — Foko Retail, a leader in the retail communication and task management software space, announced today that it has raised $3 million in funding. The largest contribution is coming from BDC Capital, as well as Canada Economic Development for Quebec Regions (CED), local economic development agency ID Gatineau, and current shareholders.
Foko Retail provides a SaaS-based communication and task management platform to 60+ leading global retailers like Whole Foods, New Balance, CVS and Five Below. The funds raised will drive the company’s penetration of international retail markets, and further develop its current suite of products by enabling research and development.
“We’re looking forward to using the funding to fuel our growth and scale significantly,” said Marc Gingras, Foko Retail CEO. “We are one of the region’s top exporters, and this new investment will allow us to continue our expansion both domestically and internationally, and continue to build an innovative product that truly supports retailers and their store teams.”
Foko Retail helps improve in-store execution of operations, visual merchandising and marketing tasks, as well as streamlining and centralizing team communications. It is used by more than 200,000 associates globally to complete daily tasks, access documents and team communications, as well as provide feedback from the field to headquarters.
“It’s no secret that the past year has been a turbulent one for brick-and-mortar retail, but the pandemic has only highlighted how relevant a tool like Foko Retail is for retailers right now,” says Gingas. “Strong internal communication is critical in driving store performance. Teams need to be able to access company communications quickly and easily, with no disconnect between HQ and the frontline. Making sure that stores are following proper procedures and actioning corporate priorities is more important right now than ever before. We’re excited to use this funding opportunity to support our customers even better, and continue to expand our offering.”
ABOUT FOKO RETAIL
Foko Retail is a communication and task management platform for retail teams. Built with users in mind, Foko Retail helps leading brands like Nike, Dyson, Hermès, and Converse engage frontline employees, giving them a direct line to headquarters, and a clear understanding of priority tasks and how to action them. To learn more, visit https://fokoretail.com/.
ABOUT BDC CAPITAL
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. To learn more, visit bdc.ca/capital.
ABOUT ID GATINEAU
Mandated by the City of Gatineau, ID Gatineau’s mission is to support and accompany businesses to promote economic development and diversification as well as wealth creation on the territory of the City of Gatineau.
MEDIA INQUIRIES
Contact Aja Butler George, Director of Marketing
aja@fokoretail.com