The Los Angeles-based company will enable partner brands to use its e-commerce platform's artificial intelligence.
"Scalefast has a strong management team, a solid business model and international growth potential," stated Ludovic André, Managing Director, Canadian Venture Capital for Crédit Mutuel Equity. "As a value-added partner and transatlantic enabler, with an ability to bridge the Atlantic in both directions thanks to our European roots, we are pleased to work in partnership with Scalefast and the other co-investors to help accelerate the company's growth."
"Crédit Mutuel Equity's team possesses a deep understanding of the eCommerce landscape, and we are thrilled to have them on board as we pursue this next stage of our growth," said Nicolas Stehle, CEO and Co-Founder at Scalefast. "They are a solid and stable partner who supports us in achieving our long-term vision, while giving us the autonomy to pursue our business strategy."
Through its North American evergreen fund activities, Crédit Mutuel Equity is actively pursuing investment opportunities in the ICT and life sciences sectors, targeting companies in various stages of development. The team aims to invest up to $7 million as a minority shareholder, with the potential for reinvestment in following rounds. Crédit Mutuel Equity Canada also manages the Emerillon Capital venture capital fund, which holds equity positions in a dozen promising Quebec and Ontario businesses, and was an investor in Maluuba, an artificial intelligence company acquired by Microsoft in 2017.