TORONTO—Lightspeed POS Inc., whose technology provides point-of-sale, cloud-based services for retailers, has raised about C$200 million ($160 million) in a new round of venture-capital funding, one of the biggest investments for a Canadian startup, according to people familiar with the matter.

The people said the financing will give Lightspeed a valuation near C$1 billion, placing it close to a rare breed: a billion-dollar tech startup in Canada.

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