CDPQ invests $10 million in Cozey, a Québec company
Today CDPQ announced a $10 million investment in Cozey, a fully online designer and retailer of modular sofas. This investment will enable CDPQ to support this young innovative Montréal company in its strategic development plan for the United States market, accelerate its growth in the Canadian furniture market, and expand its product line to every room of the home. This transaction by CDPQ is part of a round of financing totalling $15 million, combining new bank financing with reinvestments by shareholders already active in the company.
Founded in 2020 and led by Frédéric Aubé, a promising young entrepreneur, Cozey now distributes its products across Canada. In its short life, Cozey has experienced strong growth and the company has stood out in the furniture industry due to its quick delivery, at 2 to 5 days, of quality products in courier-sized boxes. The furniture can be easily assembled with no need for tools.
“Cozey is Canada’s leading player in the sofa-in-a-box market and has demonstrated the effectiveness of its digital business model. The Montréal-based company is carving out an advantageous position in a more conventional industry and has already demonstrated a strong capacity for growth,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “With this transaction, CDPQ will be supporting this innovative new-economy company toward achieving its future objectives, in particular an expansion of its various product lines and further penetration of the North American market.”
“From Cozey’s earliest days, we wanted to work with a value-added partner like CDPQ to drive our expansion. Now, with their support, we will be able to continue to make our mark in our industry, in which we were early out of the gate, in order to deploy our business model on a larger scale and deliver an even more innovative shopping experience. I am therefore enthusiastic about Cozey’s future and what we will build for our customers in the years to come," added Cozey's CEO and founder, Frédéric Aubé.
This investment is part of CDPQ’s Ambition ME strategy, which targets support for medium-sized companies with strong development potential in order to propel them to the next stage in their growth.
Based in Montréal and founded in 2020, Cozey is Canada’s first 100% modular, easy-to-assemble sofa-in-a-box company. With our Customer Happiness at the centre of what we do, we aim to provide a simple furniture shopping experience, give back to the community and develop long-term relationships with our customers. In just two years of operation, Cozey has launched two modular sofa designs, a collection of decorative accessories and Nook, a sister brand that combines the highest quality materials with Canadian craftsmanship. For more on our products, visit cozey.ca, nookliving.ca or go to our Facebook, Instagram and LinkedIn pages.
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2021, CDPQ’s net assets totalled CAD 419.8 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
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