The funding round was led by Celtic House Venture Partners and BDC's Growth & Transition Capital group, a division of BDC. Prominent angel investors, including Tobi Lutke and Cody Fauser, as well as Canadian entrepreneur and philanthropist Richard L'Abbé, also participated in the round.

"We're proud to be working with BDC and Celtic house and our team of world class investors," said Nazim Ahmed, CEO of CanvasPop. "We are energized by the confidence these investors have shown in our business plan, our marketing strategy and our vision to become a leading platform in the canvas printing and photo gifting space."

Founded in 2009, Ottawa-based CanvasPop offers online photo printing services that allow anyone to print virtually any image, including Instagram, Facebook and iPhone pictures, via CanvasPop's printing and dedicated distribution facilities in the United States and Canada. To date, CanvasPop has been largely bootstrapped and supported by rounds of debt and mezzanine financing from BDC. The company has been able to organically build a successful business with over 450,000 individual customers.

"We have been impressed with the business that the CanvasPop team has built over the past few years with very little outside capital. We believe that today's capital investment will allow Canvaspop to significantly expand their product mix and to accelerate their market penetration as the personalized photo printing market continues to grow," said Robert Shaw, Director at BDC's Growth & Transition Capital group.

"CanvasPop is at the forefront of the rapidly growing shift from in-store to online shopping as consumers seek out customized products, services and buying experiences," said David Adderley, Partner at Celtic House. "We are excited to be part of such an innovative company led by two proven entrepreneurs who have successfully built a number of online businesses over the past decade."

"We're using this capital to continue expanding our market share and help compete with incumbents such as Shutterfly, Snapfish, Framebridge, Circle Graphics, Art.com, Mixbook, Vistaprint, Photobox, Picanova and many smaller players in a highly fragmented market," said Adrian Salamunovic, co-founder and Chief Innovation Officer of CanvasPop. "Ultimately, we will be focusing on growth and innovation in a space that has not seen a lot of innovation. This will include investments into new product categories and streamlining operations, and M&A."

About Canvaspop

CanvasPop is the web's most innovative leader in on-demand printing and personalized photo art and photo gifting products. Founded in 2009, the company focuses on providing world-class customer support, delivering the highest quality products, and is constantly innovating the way consumers can order personalized products online. CanvasPop has over 450,000 happy customers with printing and distribution facilities in the United States and Canada and ships across the EU. For more information, please visit canvaspop.com.

About Celtic House Venture Partners

Celtic House has collaborated with management teams and repeat entrepreneurs to develop technology companies from the inception phase through to exit, generating 25 initial public offerings and successful acquisitions. From offices in Toronto and Ottawa, Celtic House manages in excess of $425 million across three funds. To find out more, visit celtic-house.com

About BDC Growth & Transition Capital

With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada's most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.