Deem, an ecommerce platform formerly known as Rearden Commerce, is raising a massive $100 million round, according to documents filed with the U.S. Securities and Exchange Commission. Of that amount, $70 million has already been raised.
Deem says it is an “identity-based, location-aware, context-sensitive commerce platform.”
That’s a lot of buzzwords, but it boils down to a product that lets merchants host daily deals, a B2B marketplace where businesses cam purchase services from each other at discounted prices, and a merchandising platform that helps brands with customer acquisition and retention by plugging them into a network of 200 million buyers via a “gigantic” network of distribution channels.
In other words, a vast array of services, tools, and marketplaces for commerce, all under one roof.
Interestingly, Deem has strong relationships with American Express, Citi Bank, and JP Morgan Chase, who all invested in Rearden’s massive $133 million round of financing in September of 2011.
The company was founded in 1999, and has taken on “hundreds of millions of dollars” in additional funding since its inception. In 2011, Deem acquired daily deals company HomeRun for $87 million in shares. In the filing, Deem does not disclose its current revenues, although they must be significant. Besides Rearden, the company was previously known as Talaris Corporation and Gazoo Corporation.
I connected with Deem about this financing round and received a pretty firm no-comment, along with a suggestion to reconnect in 30 days, and a little piece of advice that this story was not worth reporting:
“I really don’t think a write-up on this makes any sense until I’m ready to comment on it as it would really lack important context for your readership,” a senior member of Deem’s executive wrote in an email.
Translation: nothing happening here folks, move right along, nothing to see. I guess the company has raised so many hundreds of millions of dollars that another tenth of a billion is really no big deal.
My guess: The company is attempting to complete the full $100 million raise, so having the news break when it’s only 70 percent complete is a bit of a distraction, if not worse.