One of the challenges facing many Canadian start-ups is getting growth capital so it’s exciting to see Well.ca raise $1.1-million from a group of angel investors led by ex-eBay Canada managing director Jordan Banks.
While Well.ca is still have a relatively modest profile, that may quickly change if the Guelph, Ont.-based company can continue its impressive growth, which has seen sales more than quadruple over the past year, while the number of visitors has soared by 135%.
Well.ca CEO Ali Asaria said the company had the luxury of being able to select from a group of U.S. and Canadian investors attracted by the company’s growth and cash flow positive status.
In addition to Banks, the angel investment group includes:
- Hilton Silberg, an entrepreneur who founded the Day Night drugstore chain in the Hamilton area, which successfully competed with national chains for 17 years before being sold to Rexall Pharma Plus in 2007.
- David Ceolin : an expert in customer relationship management, founder of Digital Cement, a marketing services company sold to Pitney Bowes in 2007.
Banks said the investment was driven by Well.ca’s technology and potential:
“I’ve seen many creative strategies employed to capture the potential of online retailing over the years. What sets Ali and the entire Well.ca team apart is the scalability of their amazing technology and their collective ability to execute, which are both used as a means to providing an incredibly rich and evolving customer experience.”.
While more Canadians are embracing e-commerce, there’s still only a small group of fast-growing e-commerce local start-ups capitalizing on it. In addition to Well.ca, this group includes players Wishabi.ca, TigerDirect and RedFlagDeals.
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