Here's an exclusive look at the pitch deck used by Steph Curry-backed bookings startup Snapcommerce to raise $85 million

  • Snapcommerce, parent of popular travel booking service Snaptravel, has raised $85 million.
  • The Toronto-based company was hit by coronavirus but is now profitable, says CEO Hussein Fazal. 
  • We got hold of Snapcommerce’s redacted pitch deck.
  • Visit the Business section of Insider for more stories.

Toronto-based messenger commerce startup Snapcommerce has raised a fresh funding round of $85 million. 

The company is the parent of travel bookings startup Snaptravel. Users can message requests for travel deals through SMS, Facebook messenger and WhatsApp to get better deals and prices on flights and hotels.

The company, backed by Golden State Warriors NBA player Steph Curry, claims to have saved customers more than $75 million in costs. It estimates that more than 100 million messages have been sent by some 10 million customers since it was founded in 2016. 

“Most young people are on their phones all the time, it’s like an extension of their arms,” Snapcommerce CEO and cofounder Hussein Fazal told Insider in an interview. “Previously you would need to fire up a laptop or desktop, open multiple tabs to apply coupons or deals to get a great price, now you can do it through our chat app.”

The startup’s growth round was co-led by Inovia Capital and Lion Capital with participation from Acrew DCF, Thayer Ventures and Full In Partners, and included existing investors Telstra Ventures and Bee Partners.

“We saw an impact from the coronavirus pandemic on travel but ended up reaching profitability by Q3 last year,” Fazal added. The company had started its fundraising process pre-pandemic but froze things after the inital scare of the virus. Investor sentiment changed amid Snapcommerce’s promising results and improved confidence around vaccinations, Fazal said. 

Young Americans are increasingly likely to shop exclusively through their phones. A recent survey by App Annie found that 59% of Americans prefer shopping on their smartphones, but that number is at a staggering 90% for 25-34 year olds and 78% for 19-24 year olds. 

“Snaptravel is at the intersection of young people’s customer behaviour,” Fazal added. “We want to be the number one platform for messenger commerce and however you shop on your phone.”

Funding will be used to triple the company’s roughly 75-person headcount while accelerating its move towards other verticals besides travel.

Fazal said that the company had attracted interest from special purpose acquisition companies, or SPACs, but it wasn’t currently the right time to list.

Check out Snapcommerce’s pitch deck below:

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