Acquires Daily Steals to accelerate expansion into new verticals
Snapcommerce, the mobile commerce platform that maximizes consumer savings, announced today the launch of its newest consumer product Snapshop. Using AI-driven intelligence and personalized pricing for customers over text-messaging, Snapshop enables price-conscious consumers to find the best deals on a wide range of goods. Snapcommerce continues to deliver on its vision to provide access for everyone to experience more of life has to offer as it expands into consumer goods. Leveraging a recent $85 million USD funding round, Snapcommerce has scaled its platform to unlock savings for the already 24 million customers using Snaptravel, Snapcommerce’s flagship travel deals product. Snapshop is now available to all consumers in the United States and in time for the Q4 holiday shopping season, further supporting the nearly 50% of Americans living in a household that lost income over the past 18 months.
“Savings for so many consumers right now isn’t a nice-to-have, it’s a necessity. The income gap is widening due to the effects of the pandemic and the current economic conditions,” said Hussein Fazal, Snapcommerce co-founder and CEO. “We are bringing great deals on products, powered by personalized pricing at scale, so our consumers can save across a wide variety of goods they buy on mobile.”
Snapcommerce acquired Daily Steals, including the platform, technology and team to accelerate the launch of Snapshop. Eitan Sisso, who served as the CEO at Daily Steals, joins Snapcommerce as the General Manager and Product Lead.
“We’ve built a strong supplier partner network, which is critical to success in eCommerce,” said Sisso. “Snapshop takes this to the next level offering deal-conscious consumers the right products at a price point they can’t turn down. Whether brand name or generic products, new or refurbished, our users are interested in value.”
“We will continue to utilize our strong balance sheet to pursue acquisitions as we scale up our product offering and help our customers maximize savings, benefits, and rewards on mobile,” said Daniel Weisenfeld, Snapcommerce CFO. “The acquisition of Daily Steals not only allowed us to accelerate the launch of Snapshop, but it also brought on some key talent to our team.”
Snapshop enters the market amid a high-growth phase for Snapcommerce, which has doubled its team in the last six months and plans to add over 100 employees in the next 12 months. The company has also expanded to be remote-first with key employee growth in New York, San Francisco, and Miami.
“What we found while building Snapshop is that every single day is Black Friday or Cyber Monday,” added Fazal. “Why wait for a single day in late November to compete for limited deals against millions of other shoppers trying to get there first? Consumers using Snapshop can get those savings every day.”
Snapshop is available now and features a wide variety of quality inventory, from mobile phones to gaming consoles, home goods, designer sunglasses to mattresses and more. New items are added 24 hours a day, seven days a week.
About Snapcommerce Snapcommerce, is the mobile commerce platform that uses AI to connect price-conscious consumers to the best deals online. The company’s flagship product, Snaptravel, provides great travel deals over SMS, Messenger, and WhatsApp. Snapcommerce was co-founded by serial entrepreneur Hussein Fazal and former Google engineer Henry Shi who have closed over $100M in total funding to-date.