Coveo Raises $227 Million Round, Hiring in Montreal and Quebec City

Quebec City’s Coveo has secured a $227 million investment round led by OMERS Growth Equity with participation from existing investors and other financial institutions. The equity investment represents a 15.5% stake in the company, making Coveo an undisputed Unicorn.

Coveo enables more than 500 of the world’s most admired companies to deliver effortless experiences that deliver real business value: from improving a top 10 retailer’s revenue per visit by 8 percent; to saving Tableau over $18M a year through enabling client self-service; to improving customer service agent efficiency at Medallia by 34 percent.

Coveo offers AI solutions to dynamically serve relevance and recommendations at scale across every digital journey, and is uniquely positioned to enable companies to be relevant, coherent, and optimize profitability at every interaction.

The funding round caps another impressive year of growth for Coveo, with SaaS subscription revenues growing more than 55 percent year-over-year, and a continual stream of product innovation releases across its cloud-based AI personalization, recommendations and search platform.

Coveo is now 500 employees strong and continues to recruit the best talent in data science to grow its teams located in offices based in Quebec City, San Francisco and London, and its iconic new office in downtown Montreal’s Windsor Station.