Global InformationTeamBuy information
| Company type | Private |
|---|---|
| Industry | group buying, one deal a day |
| Founded | October 2009 |
| Founder | Edward Yao, Andrew Hutchings, Ghassan Halazon, Matthew Morris |
| Headquarters | 82 Peter Street Toronto, Ontario M5V 1P8 |
Area served | Canada, United States |
Key people | Ghassan Halazon, Omar Sahyoun, Andrew Hutchings, Edward Yao |
Number of employees | 100+ |
| Website | www.teambuy.ca |
TeamBuy.ca was an e-commerce company founded in Toronto by Edward Yao, Andrew Hutchings, Matthew Morris, and Ghassan Halazon in October 2009 as the first daily deal site in Canada, gaining first mover advantage. TeamBuy was the largest deals marketplace in Canada. TeamBuy was acquired by US-based e-commerce portfolio player NC Commerce Inc. in 2014.
Prior to the acquisition, TeamBuy and its subsidiaries had rumored sales of $60M per year with a staff of 120, making it the largest deals marketplace in the country, and one of the largest Canadian e-commerce players in general. Ghassan Halazon was the CEO of the Company from March 2010 until it was sold in September 2014. TeamBuy.ca was distinct from some of its competitors as it is both owned and operated in Canada.[1] The start up leverages the Chinese group buying concept of tuangou to obtain discounts for its clients.[2] These discounts typically range anywhere from 50 to 90 percent of the item's regular market price.
TeamBuy.ca's business model was initially based on group buying and one deal a day. In recent years, TeamBuy has evolved into a broader deal destination site providing offers on a wide range of local services, products and travel offers across Canada. Some of the categories of services offered include restaurants, home and decor, entertainment, vacations, and health & beauty.
Having saved consumers ~$1 Billion and partnered with over 50,000 merchants, TeamBuy re-imagined the original deal-a-day business model to emerge as a broader destination e-commerce site that encompasses thousands of offers on local experiences, travel, products, home & decor, fashion, electronics, beauty, gifts, flyers, coupons, cars and advertising/listing services for local merchants (MenuPalace.com).
CIBC named TeamBuy.ca one of Canada's "Top 30 Hottest Technology Companies" in 2013.
- ^ Tamara Baluja. "Getting a better deal by buying together", "Toronto Star", April 30, 2010, accessed July 21, 2011.
- ^ "Reuters". August 27, 2010. Retrieved 21 July 2011.