Cymax intends to use the funds to strengthen its online retail business with the launch of ecommerce platform and technology up gradation that will enable faster shipping for retailers.
This is the online retailer’s first outside investment since it was founded in 2004.
It is also planning for an initial public offering (IPO).
Cymax CEO Arash Fasihi was quoted by Reuters as saying that several factors would have to comply for the IPO to happen, besides the satisfactory market conditions.
Fasihi said that the Cymax was founded when his wife had trouble getting a particular kind of TV stand, reported Bloomberg.
The CEO was quoted at StableView Asset Management Inc. technology conference in Toronto as saying that Cymax had developed a logistics software to help deliver furniture to customers in less than five days, so that the company does not have to store any product in its warehouses, the Bloomberg report stated.
Cymax has been reporting annual sales growth of 40% in the last 10 years, said the CEO.
The retailer expects to post revenue of CAD$180m ($138.74m) in 2015, which is an increase from CAD$124m reported in 2014, reported Reuters.
The company says that around 97% of its revenue comes from the US and the rest from Canada.
Frind funded Cymax through his investment company, Frind Holdings.