Commerce

Snapcommerce Brings on Finance and Commerce Veterans Anan Kashyap and Daniel Weisenfeld because it Scales up Cell Commerce

TORONTO–(BUSINESS WIRE)–Snapcommerce, the cellular commerce platform that matches price-conscious shoppers with the perfect promotions, introduced right this moment the appointments of Poshmark CFO Anan Kashyap to its board of administrators and former BofA Securities funding banker Daniel Weisenfeld as its chief monetary officer. Kashyap and Weisenfeld be part of Snapcommerce on the heels of an $85M development spherical and on monitor for over 100% annual development in cellular gross sales in 2021, bringing company finance technique and transactional experience to additional strengthen Snapcommerce’s high-growth trajectory.

Kashyap holds a seasoned monitor file in getting ready e-commerce corporations for IPO, most not too long ago with Poshmark along with earlier monetary roles at GrubHub and Kayak. Weisenfeld has vital worldwide transaction experience, having executed transactions for corporations equivalent to V.F Company, Supreme and Greenback Tree, and has led over half a dozen IPOs and suggested on greater than $50 billion in mergers and acquisitions.

In my years constructing companies in e-commerce, one of many best challenges is that there’s a lot alternative, that it’s exhausting to floor high quality. What’s thrilling about Snapcommerce, is that the corporate is uniquely positioned to floor high quality items and companies at a good value—significantly with mobile-first millennials who’re value aware,” mentioned Kashyap. “If there’s anybody that’s going to make cellular commerce simpler, extra reasonably priced and extra accessible to the on a regular basis client—that is the corporate and group to wager on.”

Snapcommerce is a versatile, AI-driven platform that’s vertical-agnostic and makes use of messaging to personalize the cellular purchasing expertise and ship the perfect promotional costs. Their flagship journey product, Snaptravel, has saved shoppers over 100,000 hours of purchasing time and over $100MM USD in direct financial savings and with a worldwide supply of stock, has secured bookings in 10,000+ cities throughout 150+ nations.

Current traction primes Snapcommerce for accelerated development in journey, particularly as bookings are again on the rise and are anticipated to extend. This summer time, Snapcommerce is about to debut its client items product, addressing a helpful new market whereas persevering with to execute on making cellular commerce simpler and extra reasonably priced at scale.

“What excites me most about Snapcommerce is the flexibility of its platform—it may be utilized to nearly any client vertical which makes for a large whole addressable market,” mentioned Weisenfeld. “As we transfer from journey into client items and different verticals, we’re capable of present the identical kind of worth to shoppers whereas nonetheless accelerating the corporate’s development fee. Match this with the group’s entrepreneurial prowess, who grew Snapcommerce’s journey enterprise and capital exponentially in the course of the pandemic, and also you’re extremely well-positioned to proceed to drive outsized development in right this moment’s evolving on-line client atmosphere.”

Kashyap and Weisenfeld be part of co-founders Hussein Fazal and Henry Shi, two entrepreneurs well-versed in constructing helpful ventures and world groups. Fazal’s earlier startup, AdParlor, reached $100 million in income earlier than being bought to AdKnowledge. Shi previously served as an engineer at Google.

“Snapcommerce is proud to welcome Anan and Daniel, whose backgrounds in e-commerce, journey and retail are each spectacular and extremely synergistic with the place we sit and the place we’re headed,” mentioned Fazal. “They create a breadth of expertise, investor relationships and advisory experience that can show invaluable to the corporate as we construct out the group for our development initiatives throughout cellular commerce”

Since founding Snapcommerce in 2016, Fazal and Shi have closed over $100M in whole funding. As a part of their most up-to-date spherical in March, Sherif Guirgis joined present board members Chris Arsenault and co-founders Hussein Fazal and Henry Shi. Snapcommerce is backed by a worldwide community of enterprise and strategic buyers together with iNovia Capital, Telstra Ventures, Lightbank, Bee Companions, Acrew, & Thayer Ventures, alongside Expedia CEO Peter Kern and NBA celebrity Steph Curry investing in earlier rounds.

For extra data, go to www.snapcommerce.com.

Hyperlink to media belongings right here.

About Snapcommerce

Snapcommerce, is the cellular commerce platform that makes use of AI to attach price-conscious shoppers to the perfect promotions on-line. The corporate’s flagship product, Snaptravel supplies nice journey offers over SMS, Messenger, and WhatsApp. Snapcommerce was co-founded by serial entrepreneur Hussein Fazal and former Google engineer Henry Shi. For extra data, go to www.snapcommerce.com and www.snaptravel.com.

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