Unique Solutions Design Ltd. has received the investment from Toronto-based Northwater Capital's Intellectual Property Fund.
It will allow the company to accelerate its North American expansion plans, including hiring 11 new employees. It now has 32 employees, with most of them working out of Unique's Dartmouth headquarters.
Unique Solutions is a data company that is transforming fashion retailing by using body scan kiosks to help shoppers buy the best-fitting clothes possible. Last year, the company opened its first permanent kiosk in a mall at King of Prussia, Pennsylvania. With the additional funds, Unique plans to open more than 300 kiosks across North America.
NSBI Venture Capital has invested about $5.6 million in Unique Solutions, helping it grow to the point that it attracted the funding.
"Unique Solutions is proving that Nova Scotia entrepreneurs can be market leaders around the world, and our jobsHere plan to grow Nova Scotia's economy is committed to supporting more results just like Unique's," said Mr. Paris.
"Our previous investments in Unique Solutions have matched the company's innovation with the money needed to develop the business into a commercial success."
The body scanning service is free and also generates personalized shopping guides telling people where to buy the best clothes for them. Unique Solutions has recently been featured on CNN, People magazine, NBC's the Today Show and the New York Times.
"The support we've received in Nova Scotia has been truly fantastic," said Tanya Shaw, president and CEO of Unique Solutions. "As well as financial support, NSBI and other private groups have helped us develop this business to become a force in the world of international retail."
"Unique's success in attracting capital and expanding internationally demonstrates that NSBI's earlier investment in Unique was a good move for Nova Scotia," said Stephen Lund, president and CEO of NSBI. "We are seeing progress on all three of NSBI’s venture capital goals: to support a dynamic business, create opportunity in Nova Scotia, and see gains for Nova Scotia taxpayers."
NSBI Venture Capital invests in companies, growing their business, technology, and markets, to attract more investment - including from outside the region- for greater benefit internationally and on the ground in Nova Scotia. Venture capital investments usually require successive rounds of funding as the target company positions itself for success.
Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI helps local companies and attracts international businesses to Nova Scotia. Connect .