July 28, 2014
Deem is a cloud and mobile commerce company that enables merchants and partners to lower costs, increase revenue and deepen customer loyalty through its Commerce-as-a-Service (CaaS). The company recently announced the completion of a $50 million round of capital raising. The company is planning to use the funds to expand globally, make acquisitions and further enhance its rapid network growth.
Deem connects more than 17,000 organizations with hundreds of thousands of merchants and market-leading distribution partners offering consumer, travel, business and mobile services. The company primarily offers Deem@Work, an integrated cloud suite of travel, expense and procurement applications that enables companies to buy products and services in different contexts, resulting in savings on all transactions. By investing in research and development, the company is looking to enhance Deem@Work and provide new features, such as the following:
Businesses saving money with Deem include SMBs and Fortune 500 multinationals. Merchants selling on Deem include local and national consumer and business brands. The funding round was led by Hony Capital, China’s pre-eminent private-equity fund, and followed a recent financing round also led by Point Guard Ventures and some mutual-fund investors.
Our goal has always been to become the most trusted and valuable commerce partner to businesses, globally and locally, said Patrick Grady, founder and CEO of Deem. 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. We're thrilled to have such a world-class investor partnering with us to achieve this on a global scale and appreciate Point Guard Ventures’ role in helping to architect this broad-based relationship with Hony Capital.