Snapcommerce raises $85m for m-commerce platform

Canada-based mobile commerce startup Snapcommerce has raised $85 million in a funding round led by Inovia Capital and Lion Capital.

This brings its total venture capital raised to over $100 million.

Snapcommerce plans to use the funds to expand into new consumer verticals while scaling its product and team.

“Even during the pandemic, an exceptionally challenged market for travel, Snapcommerce has been able to build trust with consumers that has naturally driven retention and sales for hotels and airlines,” says Chris Arsenault, Managing Partner at Inovia Capital.

“We expect that the pent up demand for travel post-pandemic will provide tailwinds for the Snaptravel product to continue and accelerate its growth.”

“The success during the pandemic not only signifies the strength of their leadership team, business model and platform, but shows incredible growth potential in many other consumer markets, which is backed by a powerful new wave of mobile purchasers.”

“Merchants will undoubtedly need to evolve from e-commerce to m-commerce and Snapcommerce’s approach is unique in that it leverages messaging to allow brands to offer personalised promotions directly to customers,” adds Sherif Guirgis, Partner at Lion Capital.

“By providing AI driven offers, merchants are able to improve conversion rate, increase profitability, and most importantly build loyalty and retention.”