Calgary-based eThor, a point-of-sale integration platform, has raised $1 million from AVAC, a private Alberta company that invests in promising tech companies.
eThor plans to use the funding to further capitalize on the $1.3 trillion online-to-offline commerce market by "executing on its existing sales pipeline and forging new partnerships within the POS industry."
eThor, which was in 2012 named the most innovative startup on the planet, earned myriad accolades last year: they won the AccelerateAB pitch competition (chosen from 70 companies from around the province), giving them three months of free space at the Plug and Play incubator in California; they won the award for “Best Presenting Company – IT Stream” at the Banff Venture Forum; they had an impressive first beta test, where a 30-store pizza chain, Garlic Jim’s was able to increase online sales by 76% ($1.37M) while doubling their online customer base in just 9 months; and they were named Startup of the Week on the Calgary Herald and Startup Calgary.
“The online-to-offline commerce opportunity is burgeoning and we believe eThor has a unique platform approach to rapidly capture a big piece of the market,” says Jacques LaPointe, Senior Investment Manager of AVAC. “We are very pleased to be one of eThor’s earliest investors and we feel this current investment will assist rapid customer adoption.”
“We’re excited to have AVAC on board as one of our investors,” says Gary Ziegler, CEO of eThor. “This financing will help us to expand our operations and support our rapid expansion into the marketplace.”