Hony Leads $50M New Round For Deem

San Francisco-based cloud and mobile commerce firm Deem says it has completed a US$50 million new round of financing led by China-focused middle-market private equity firm Hony Capital, according to an announcement made by Deem.

Deem says it will use the funds to accelerate its network growth, expand its businesses globally and make acquisitions.

The latest financing follows the recent recapitalization led by Point Guard Ventures and other mutual fund investors.

"Over the past two years as it exited the financial services vertical and focused on its core business, Deem has slashed operating expenses, introduced market-leading products, and grown revenue," says John Zhao, CEO of Hony Capital.

Deem connects more than 17,000 buying organizations with hundreds of thousands of selling merchants and distribution partners across consumer, mobile, travel and business services.