According to the Globe and Mail’s Sean Silcoff, Burnaby’s Cymax Group is exploring going public as early as next spring.
B.C. furniture e-commerce company Cymax Group Inc. is exploring going public as early as next spring, joining a string of Canadian digital companies doing the same as investor demand for tech stocks soars during the pandemic.
Burnaby-based Cymax, controlled by billionaire entrepreneur Markus Frind, has recently met with investment bankers and is in the process of hiring several executives to fill out its management team.
The Cymax Group of brands includes two retail websites, Cymax Business and Home Square, which sell furniture and decor; plus Freight Club and Channel Gate, which are e-commerce logistics and technology platforms.
Frind invested in Cymax as part of their $25 million Series A funding round in 2015 but according to today’s report now controls the Cymax Group.
The Plenty of Fish founder has spent the last couple of years building Frind Estate Winery in West Kelowna.
Cymax was founded in 2004 by Arash Fasihi. CEO Fasihi left the company in 2019 and was succeeded by Rizwan Somji.
Read the complete story here.
Photo by Nathan Fertig on Unsplash