CIC Capital Canada Participates in $8M Series A Funding Round for Scalefast

Scalefast is part of CIC Capital’s growing North American ICT venture capital investment portfolio


MONTREAL, June 12, 2018 (GLOBE NEWSWIRE) -- CIC Capital Canada, a member of the French banking group Crédit Mutuel - CM11, is pleased to announce its participation in a US$8 million Series A funding round for Scalefast, a California-based direct-to-consumer digital commerce solution for inspirational brands. The funding was led by Benhamou Global Ventures with additional participation from Adara Ventures, B&Y, French Partners and CIC Capital.

“Scalefast has a strong management team, a solid business model and international growth potential,” stated Ludovic André, Managing Director, Venture Capital for CIC Capital. “As a value-added partner and transatlantic enabler, with an ability to bridge the Atlantic in both directions thanks to our European roots, we are pleased to work in partnership with Scalefast and the other co-investors to help accelerate the company’s growth.”

“CIC Capital Canada’s team possesses a deep understanding of the eCommerce landscape, and we are thrilled to have them on board as we pursue this next stage of our growth,” said Nicolas Stehle, CEO and Co-Founder at Scalefast. “They are a solid and stable partner who supports us in achieving our long-term vision, while giving us the autonomy to pursue our business strategy.”

Through its North American evergreen fund activities, CIC Capital is actively pursuing investment opportunities in the ICT and life sciences sectors, targeting companies in various stages of development. The team aims to invest up to $7 million as a minority shareholder, with the potential for reinvestment in following rounds. CIC Capital Canada also manages the Emerillon Capital venture capital fund, which holds equity positions in a dozen promising Quebec and Ontario businesses, and was an investor in Maluuba, an artificial intelligence company acquired by Microsoft in 2017.

ABOUT SCALEFAST
Scalefast is a digital commerce solution that simplifies and streamlines eCommerce for inspirational brands that want to make their store the best place to shop online. Using a powerful combination of Artificial Intelligence and eCommerce expertise, Scalefast provides the infrastructure and full-service business operations necessary to scale quickly and increase revenue, with everything needed under one roof. Based in Los Angeles, with offices in Paris and Madrid, Scalefast takes the complexity out of digital commerce for brands in the entertainment, consumer goods and fashion industries. For more information, visit the Scalefast website.

ABOUT CIC CAPITAL
CIC Capital Canada is a subsidiary of CM-CIC Investissement, the private equity arm of Groupe Crédit Mutuel - CM11, one of the largest banking groups in France and one of the most financially sound European institutions. CM-CIC Investissement has more than €3.0 billion of assets under management in France and abroad, invested on its own account in around 380 companies. Since 2013, CIC Capital Canada has managed the Emerillon Capital venture capital fund. In 2017, CIC Capital launched its US$500 million North American Growth Fund, with US$350 million dedicated to the U.S. market, and US$150 million to Canada, mainly for growth equity and venture capital investments in Quebec and Ontario companies. For more information please visit our website at www.ciccapital.fund

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Lyla Radmanovich
Pelican Public Relations
514-845-8763
lylarad(at)rppelican.ca