Toronto's TeamBuy.ca announced today that they have raised $7 Million from an undisclosed institutional investor. The funds will be used for rapid growth and expansion into new cities and product offerings.
“This new round of funding will propel our expansion plan into several more Canadian cities and help us branch into new and exciting business avenues that go above and beyond daily deals. As opposed to expanding to other countries, we have decided to stick to Canada and broaden our offerings and customer engagement locally,” said Ghassan Halazon, CEO, TeamBuy.ca.
“This capital raise is only the first step in pursuing our ambitious goal of connecting local merchants and consumers around the country. We expect to raise subsequent rounds in the future to see our vision come to fruition,” said Halazon. TeamBuy.ca was featured on CBC’s Dragon’s Den, where they received a number of offers.
TeamBuy.ca was founded in 2009 and according to today's press release has 100+ employees across 16 Canadian cities and nearly a million members.
According to a recent post on Techvibes, TeamBuy.ca is the third most popular daily deal site behind Groupon and WagJag.com.