Canadian Deal Site TeamBuy Raises $5 Million

Canadian online deals site TeamBuy has rasied $5 million.

The funding round was led by BEST Funds with participation from existing institutional investors. Terms of the deal were not disclosed.

The Toronto-based company claims to be the largest daily deals site in Canada after merging with competitor Dealfind earlier this year.

"Now that the integration is complete, we will be increasing our focus on upgrading the merchant experience," says Ghassan Halazon, CEO of TeamBuy. "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, such as a digital flyer initiative and broader restaurant commerce initiatives.

"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," noted Halazon.

TeamBuy launched in 2009.

Toronto, Ontario, Canada is a Canadian-based team-buying website that launched in Toronto in October 2009. The site secures impressive savings by using team-buying power, giving users the benefit of buying in bulk without actually having to. Each feature depends on a minimum number of buyers signing up; if the Buy is successful, a Team Ticket is sent via email within 24 hours to those who purchased. If the... more

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