Coveo Raises $35 Million Investment Led by IQ Venture Capital

Coveo Profile

  • Coveo’s intelligent search technology plays a critical role in redefining how enterprises uncover and recommend the most relevant information, people, products and services by leveraging fragmented information from across the IT ecosystem
  • Coveo was recognized as the most visionary leader in Gartner’s 2015 Magic Quadrant for enterprise search and was also named a leader in big data search and knowledge discovery by Forrester Research
  • Coveo customers include more than 1,500 mid-to-large size, global organizations across multiple industries; the company also partners with some of the world's largest enterprise technology vendors
  • Coveo was founded in 2005, is headquartered in Québec City and employs over 200 people

IQ Venture Capital Profile

  • IQ Venture Capital's mission is to invest in leading global companies and particularly those with operations in Québec to support economic growth and job creation
  • The firm’s major sectors of focus include information technology, manufacturing, life sciences and green technologies

Transaction Notes

  • $35 million investment round led by IQ Venture Capital with participation from existing investors, including Tandem Expansion Fund, BDC Venture Capital, Propulsion Ventures SEC, Fonds de solidarité FTQ and Coveo CEO Louis Tetu
  • The funding will help speed the launch of additional intelligent search applications where contextual insights from outside the platform are critical to delivering unified, engaging experiences; and will fund the expansion of operations
  • Shea & Company served as the exclusive placement agent for the transaction

Investment Rationale

  • The funding was a Series D investment round for Coveo
  • "There is incredibly strong demand for intelligent search-based apps, which enable more relevant, digital customer engagement and a more agile and engaging digital workplace.  Coveo helps to engage customers with more relevancy and upskill employees everywhere they work, with the insights that matter.  With this round of funding, we will invest to bring these data-powered experiences to entirely new areas and ecosystems, replicating the immense success we have had to date, at scale." – Louis Tetu (CEO, Coveo)
  • “Coveo is an innovative, cutting-edge company with an outstanding management team and a proven track record in the global technology arena.  Our investment will enable it to grow faster and clearly demonstrates our desire to help build a Québec-based technology business able to stake out a leading position on the world stage.” – Pierre Gabriel Côté (CEO, IQ Venture Capital)
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Shea & Company served as the exclusive placement agent for the transaction