Canadian Dealfind Raises $31 Million

Toronto-based Dealfind, a daily deals site that launched in May 2010, announced earlier today that it has received $31 million in funding from Insight Venture Partners, Georgian Partners and the Ontario Venture Capital Fund.

“Securing such significant financing after only one year in business is a testament to the current success of Dealfind, as well as our future expected growth,” said Gary Lipovetsky, President, Dealfind. “From day one, we have been committed to providing consumers with premium online group-buying services and these funds will allow us to continue achieving that goal.”

Jeff Lieberman, Managing Director at Insight Venture Partners notes: “We were impressed by Dealfind’s solid business model, calibre of their clientele, and the speed with which they have become the number one daily deal company in Canada. Our decision to partner with these Canadian entrepreneurs was an easy one to make.” Insight Venture Partners is a leading private equity and venture capital firm focused on the global software, internet and data services industries. Notable investments include its 2009 investment in Twitter.

This investment will allow Dealfind to continue to grow and expand its market reach across Canada and the U.S. this year. The site currently brings deals to 28 cities in Canada and 40 within the U.S.

Source: PRNewswire