The Caisse de dépôt et placement du Québec invests $200mn in Plusgrade
The Caisse de dépôt et placement du Québec (CDPQ), the Canadian institutional investor, has funded Plusgrade with CAD$200mn (US$150mn).
Plusgrade was established nine years ago and enable customers to upgrade on plane seat through a bidding process, CTV News reported.
The firm provides additional revenue for airlines through its signature real time product.
Through the investment, CDPQ aims to aid Plusgrade’s plans to enter new international markets as well as expand its product offerings.
Plusgrade currently has its headquarters located in Montreal, as we all managing offices in New in Montreal, as we all managing offices in New York and Singapore.
“We plan on getting much deeper in our home-court vertical, which is airline, and in expanding much wider into other verticals -- we just started successfully into cruise line,” stated Ken Harris, CEO and Founder of Plusgrade.
CDPQ acquired shares from TA Associates, a major shareholder of Plusgrade. TA Associates remains a majority stakeholder, along with management.
“We like partnering with Canadian businesses that have expansion projects all around the globe, so it's exactly in line with our strategy,” remarked Justin Methot, Vice President responsible for private investments in Quebec at CDPQ.