The group-buying space is cutthroat. Most startups that launched with this business model in the past three years have shuttered.
Not so for TeamBuy, one of the few successes outside of Groupon (which is arguably not even a success these days). The Canadian startup this weekend celebrated its third birthday.
TeamBuy says it is now "the country’s top destination for jaw-dropping deals from Canada’s best merchants and retailers." Over the last three years, the Toronto-based company has seen the number of merchant and vendor partners increase nearly 1,000%, from 741 participants in 2010 to 7,000 vendors in 2012.
“TeamBuy is pleased to offer our subscribers these fantastic deals at rates that are even lower than we normally secure,” said Ghassan Halazon, the startup's CEO. “It’s a special time for us, and we want to show our appreciation to our million-plus subscribers by getting them the best that’s out there."
In August 2012, the company acquired FabFind, which strategically gave subscribers more exclusive shopping experiences via luxury lifestyle merchants. The acquisition helped grow TeamBuy’s expected gross revenue to $40 million in 2012.
The company was founded in 2009 and has generated more than $100 million in savings for members.