US-based mobile e-commerce company Deem, which is backed by payment services company American Express (Amex), has secured $50m in funding in a late-stage round led by private equity fund Hony Capital.
Deem is a commerce-as-a-service company that connects buying organisations with merchants and distribution partners across a range of sectors. It will use the new funds for growth, global expansion and to make acquisitions.
Deem, which until last year was known as Rearden Commerce, completed its recapitalisation funding earlier this month, raising an undisclosed amount from PointGuard Ventures, Stern Aegis, Keating Capital and Deem chief executive Patrick Grady.
The company secured $133m in Series G funding from JP Morgan Chase, Amex and Citi in 2011, and $40m in a 2009 series F round funded by Oak Investment Partners and Chase Capital Partners, an investment arm of JP Morgan Chase. It raised $100m in a 2008 series E round in 2008, and Amex took part in a $32.5m series D round in 2006.