San Francisco-based cloud and mobile commerce firm Deem has closed $50 million in funding. Hony Capital was the lead investor. According to the firm, the capital will be used for growth, expansion and to make acquisitions.
SAN FRANCISCO, CA, CALIF., July 23, 2014 (GLOBE NEWSWIRE) — Deem, a leading cloud and mobile commerce company, delivering Commerce-as-a-Service (CaaS) to a large and diverse ecosystem of customers, merchants and partners enabling them to lower costs, increase revenue and deepen customer loyalty announced today that it has completed a $50 million round of expansion capital. The company will use the funds to accelerate its rapid network growth, expand globally and make acquisitions.
Deem connects more than 17,000 buying organizations with hundreds of thousands of selling merchants and scores of market leading distribution partners across consumer, mobile, travel and business services.
The financing was led by Hony Capital, China’s preeminent private equity fund, and follows the recent recapitalization financing that was led by Point Guard Ventures and leading mutual fund investors.
“We are very excited to have led this financing and believe that Deem has the potential to become one of the world’s most important Commerce and SaaS companies,” said John Zhao, CEO of Hony Capital. “Over the past two years as it exited the financial services vertical and focused on its core business, Deem has slashed operating expenses, introduced market-leading products, grown revenue and positioned itself for global domination. There is simply no other company better positioned to become the most trusted and valuable commerce partner to businesses, globally and locally.”
“Our goal has always been to become the most trusted and valuable commerce partner to businesses, globally and locally. To accomplish this, we’ve been focused on delivering a next-generation cloud commerce network that uniquely helps businesses to lower their operating costs, profitably increase revenue and deepen customer loyalty,” said Patrick Grady, Founder and CEO of Deem. “We’re thrilled to have such a world-class investor partnering with us to achieve this on a global scale and appreciate Point Guard Venture’s role in helping to architect this broad-based relationship with Hony Capital,” added Grady.
Deem is a leading cloud and mobile commerce company, delivering Commerce-as-a-Service (CaaS) to a large and diverse ecosystem of customers, merchants and partners enabling them to lower costs, increase revenue and deepen customer loyalty.
Businesses saving money with Deem include SMBs and Fortune 500 multinationals. Merchants selling on Deem include local and national consumer and business brands. Distribution partners include market leaders in business, consumer, mobile and travel services.