This is another strong move by Canada’s leading deal provider and will go towards funding their next step in what we believe will eventually become a leading shopping destination for Canadians with great deals and offers across product and service categories. As for merchants, Teambuy is developing into a leading destination for their local commerce marketing needs.
Operationally speaking, Teambuy has put in a lot of work since the beginning of the year when they decided to merge with Dealfind. As the industry, merchants and consumer know, Dealfind had tremendous customer service issues and the Teambuy team dedicated themselves to working through them, solving them and integrating both companies.
With the addition of these new funds, Teambuy can now focus on growth opportunities and as they mention in their press release, improve the merchant and customer experience.
Teambuy already started investing in local commerce initiatives such as expanding into the restaurant commerce sector with Tasteaway.ca (takeout & delivery), MenuPalace.com (restaurant and hospitality guide), and www.DiningDateNight.com (discount reservations).
We have included the full press release from Teambuy below:
Leading Canadian Deal Site TeamBuy.ca Secures ~$5M Round
Financing focused on enhancing post-merger merchant experience and introducing add-on services
TORONTO – Canada’s largest online deals destination TeamBuy (www.teambuy.ca) announced today that it has raised ~$5M in funding from BEST Funds with participation from existing institutional investors. Terms of the deal were not disclosed.
Earlier in the year, TeamBuy merged with its largest Canadian competitor, Dealfind.com, to form the country’s pre-eminent online deal service. “Now that the integration is complete, we will be increasing our focus on upgrading the merchant experience” says Ghassan Halazon, CEO at TeamBuy.ca. “From investing in merchant facing teams and tools to introducing peripheral offerings and analytics, we are fully committed to attending to our vendors’ every need”.
TeamBuy has also actively been expanding into complimentary business models, offering additional quality content and variety for their users. The Company recently rolled out a digital flyer initiative highlighting weekly flyers & coupons from national retailers and brands. Additionally, the Company is leveraging its deep restaurant relationships and knowledge to advance into broader restaurant commerce initiatives that include Tasteaway.ca (takeout & delivery), MenuPalace.com (restaurant and hospitality guide), and www.DiningDateNight.com (discounted reservations). TeamBuy has also joined the MasterPass™ by Mastercard program to offer its customers a streamlined checkout experience while shopping. Other user experience feature upgrades are being rolled out soon.
“In less than three and a half years, we have amassed a subscriber base of three and a half million members that have transacted with thousands of our merchant partners. We believe that we are in prime position to continue to unlock new and exciting ways to connect both sides, and a portion of this funding will go towards these innovative initiatives” states Halazon.
Canada’s first deal-a-day website, TeamBuy.ca was launched in Toronto in 2009 and appeared on popular reality TV Show, Dragons’ Den shortly after. Over the last three and a half years, the company has refined its group buying business model to emerge as a broader destination site that offers deals across multiple categories including on restaurants, healthy & beauty, electronics, Home, fashion, Luxury goods and general services. TeamBuy merged with Dealfind.com in January 2013, forming the country’s largest deal website with 3.5 million members across Canada and the US. The business is backed by Insight Venture Partners, ru-Net, and Georgian Partners among others.