Alida, the Canadian developer of CXM and customer insights software, said in a recent announcement that it was the recipient of an equity investment from fellow Canadian entity BMO Capital Partners, a major source of subordinated debt and minority equity capital in Canada. The equity investment follows a Series D funding round led by Round 13 Growth Fund, the Toronto-based late-stage growth equity fund supporting tech-enabled businesses in Canada.

All told, the total investment in Alida now amounts to $23 million. The capital infusion will help accelerate Alida’s aggressive growth strategy and innovation agenda to deliver software as a service (SaaS) solutions in the CXM industry, according to the company’s news release on the new funding.

Ross Wainwright, CEO at Alida, said the company was “so fortunate” to receive strong financial backing from BMO Capital Partners. “Over the past year, we have made huge strides in our innovation agenda and have seen our vision come to life. This investment strengthens Alida’s working capital position to grow key areas of our business, deliver marketing-leading solutions, and enhance the value for our current stakeholders,” Wainwright remarked.

Andrew Hockin, managing director at BMO Capital Partners, extolled Alida’s continued growth. “Alida delivers innovative solutions to the rapidly growing global CXM market, and we look forward to building on BMO’s strong relationship with the management team as they achieve the next stage of growth,” he said.

Aside from the BMO equity investment and the $20 million capital raised from Round 13 in September 2021, other recent funding initiatives for Alida have included a $10 million debt facility from Comerica Bank in July 2021, and $20 million in growth debt from Vistara Capital Partners in September 2020. Formerly known as Vision Critical and founded in 2000, the company rebranded as Alida in late 2020. In August this year, Alida launched Total Experience Management (TXM), a product fusing the voice of customers and employees with capabilities to deliver customer, employee, product, and brand experiences. Alida customers include Twitter, Toyota, J.Crew, Banana Republic, Discovery, and NASCAR.