oxio Raises $25M in Series A Funding, Bringing Total Funding to $40M
With leading investor Xavier Niel, founder of Free, the innovative start-up changes how Canadians connect to the internet
MONTRÉAL, July 19, 2021 /CNW Telbec/ - oxio, the internet connectivity platform shaking up the Canadian telecommunications industry, announced today that they've closed their Series A funding after successfully raising 25 million CAD and bringing their total funding to $40 million CAD. The leading investor for this first significant venture capital financing is Xavier Niel, founder of Free, the telco giant that revolutionized European connectivity. Additional investors include Investissement Québec, Desjardins Capital, Desjardins Entreprise, WNDRCO and Dispatch Ventures.
The closing of this round of funding comes hot on the heels of significant momentum; last winter, oxio participated in the Y Combinator, one of the world's most recognized start-up incubators. Since its 2019 launch, oxio's services have garnered strong reception in the Québec market, with its platform using the Videotron network. Fresh off that success, they continued their growth by recently launching their internet service offering in Ontario, using the Rogers network to service customers.
The Series A funding will be usd to accelerate oxio's Canadian service roll out and further finesse oxioOS, their proprietary internet operation system. The oxioOS software is at the heart of how the connectivity platform is disrupting the traditional telecommunication landscape. oxio's cloud-based operational system significantly improves how the company can run efficiently and, therefore, its price point. By focusing on automatization, oxio can operate with a leaner headcount and offer transparent, fair pricing to its customers.
This funding milestone comes at a moment when oxio is primed to shift Canadians' perception about the internet. "We have a very different way of looking at telecommunications; we see a separation between physical networks and digital providers, much like what cloud-computing has done with servers. We foresee a future where internet providers are divided into two pillars: companies that build and maintain physical networks and digital provider companies, like ours, that specialize in user-friendly internet services," says Marc-André Campagna.
The start-up's unique technology and business model shaped oxio's innovating edge, which convinced investing partners to jump on board. "We're pleased to again showcase our faith in oxio and its growth initiatives. Our involvement in this process aligns perfectly with our desire to complement Québec's venture capital ecosystem, in addition to attracting foreign investment, says Guy LeBlanc, President and CEO of Investissement Québec. "This gives us the opportunity to work with promising Québec businesses shaping the technological infrastructure of the future."
"At Desjardins, supporting businesses is a direct way of contributing to the well-being of our communities. This support is especially important for tech start-ups, who in addition to being sources of innovation, are vital to our communities' modernization," explains Marc Villeneuve, Vice-President of Development and Partnerships – Eastern Quebec at Desjardins. "Our involvement with oxio is consistent with our desire to provide rapidly growing businesses with support tailored to their ambitions."
From a customer perspective, the oxio experience is a huge shift from traditional telecommunication companies. Accessibility is of the essence: their user-friendly interface is designed to empower users by giving them back control of their internet. oxio can be ordered in five minutes, and they're the only internet service provider offering local customer support and a 60-day money back policy. Another top priority is protecting customer information, with security and privacy features embedded in both their hardware and software. "We're dedicated to providing our customers with secure, accessible and convenient internet service," says Campagna.