Deem raises USD 50 mln funding

Tuesday 29 July 2014 08:17 CET | News

Deem, a cloud and mobile commerce company, has completed a USD 50 million round of capital raising.

Deem connects 17,000 organisations with merchants and 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.

The company is set to enhance Deem@Work and provide new functionalities, such as mobile travel booking on smartphones and tablets, with integrated policy and tracking of multiple trips through the interface. It will also include a geolocation feature for providing targeted offers, a rate-loading and -standardisation program for Deem’s network of providers which will allow users to view accurate rates displayed in a standardised format. Other functionalities include the Preferred Ground Merchant Program, for access to merchants that meet Deem@Work’s criteria and mobile expense reporting, in which users can manage personal and corporate credit-card transactions and submit expense reports via Deem@Work.

The funding round was led by Hony Capital, a China-based private-equity fund, and followed a recent financing round also led by Point Guard Ventures and some mutual-fund investors.

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Keywords: Deem, funding, mobile commerce, cloud, US
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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