TeamBuy.ca, the Toronto-based group buying site was founded in 2009 by Edward Yao and Andrew Hutchings, has just announced that they’ve raised another $5 million from BEST Funds and ‘participation from existing institutional investors.’ This is the third round of funding the company has received – the first was a $7 million infusion in July of 2011, then another $5 million in February of 2012.
According to the release, TeamBuy will use the funds to “improve the merchant and customer experience,” plus introduce new add-on services to their business model. The company recently merged with rival competitor DealFind.com to create 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 will “focus on growth opportunities” and continue to expand its digital flyer and restaurant commerce initiatives. The company has over 3.5 million active members and has “thousands of our merchant partners.” No indication on how many transactions the company has processed online, or the total dollar amount.