What EMERGE Commerce does

EMERGE Commerce Ltd. (TSXV: ECOM) is a Toronto-based public company that operates as a buy-and-roll acquirer of profitable e-commerce brands, building a multi-vertical portfolio of direct-to-consumer (D2C) and B2B assets across grocery, golf, and referral-marketing software. The company was founded in 2015 and employs 51–100 people. Its largest operating asset is truLOCAL, a Canadian D2C subscription service for artisan meats with 70,100+ subscribers, 100+ farmer partnerships, and 511,000 boxes delivered. The golf vertical comprises the Underpar, Justgolfstuff, and Tee 2 Green brands, the last of which was acquired in April 2025 and contributed $6.4M in revenue and approximately $1M in Adjusted EBITDA on a FY2024 basis. In March 2026, EMERGE completed its first B2B vertical acquisition, Viral Loops, a referral-marketing software platform generating $1.3M of revenue at an 86% gross margin and approximately $800K of Adjusted EBITDA.

Underlying technology and product surface area span both consumer e-commerce storefronts and a SaaS referral-marketing platform (Viral Loops). The D2C brands operate on standard e-commerce stack components (subscription billing for truLOCAL; catalog/fulfillment for golf brands), while Viral Loops provides referral campaign orchestration to brand clients. The integration model is operator-led rather than technology-led: EMERGE centralizes marketing, finance, and operational functions across acquired brands rather than rebuilding their technology stacks.

The business model combines recurring subscription revenue from truLOCAL (consumer LTV cited at approximately $2,000), e-commerce transaction revenue from the golf brands (including both long-tail D2C and B2B/wholesale channels where Q4 2025 B2B golf sales exceeded $1M), and SaaS subscription/transaction revenue from Viral Loops. FY2025 consolidated revenue was $27.6M, growing 43% year-over-year, with Adjusted EBITDA of approximately $1.5M (a swing from a $473K loss in FY2024). Capital is sourced from public equity, private placements (approximately $5.2M raised across two closings in February and March 2026), convertible debentures ($4M issued November 2022), and an extended credit facility now maturing in October 2027.

Name

EMERGE Commerce

Legal name

EMERGE Commerce Ltd.

Website

https://emerge-commerce.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

EMERGE Commerce (TSXV: ECOM) is a Toronto-based public acquirer and operator of profitable e-commerce brands, running a D2C grocery subscription (truLOCAL), a portfolio of golf brands (Underpar, Justgolfstuff, Tee 2 Green), and the B2B referral-marketing software platform Viral Loops.

Ownership category

akta.pro rank

Product category

E-commerce Brand Portfolio Aggregation

NAICS

Food and Beverage Retailers (445), Specialty Food Retailers (4452)

SIC

Retail-Food Stores (5400), Retail-Catalog & Mail-Order Houses (5961)

akta.pro primary industry

Marketplace Enablement, Seller Tools & E-commerce Infrastructure (BPAMAGAK)

akta.pro secondary industries

Natural/Organic Grocery E-commerce & Delivery-Only Retail (CRAHAEAI), Golf Equipment, Apparel & Pro Shop Retail (CRAMABAG), Sporting Goods, Outdoor & Fitness DTC (CRAFACAJ)

Keywords

• E-commerce acquisition
• D2C subscription
• Referral marketing software
• Golf e-commerce
• Online grocery

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Supply Chain, Marketing or Sales, Operations, Technology or R&D, Personnel

Revenue model

1. D2C E-commerce Sales: Revenue from direct-to-consumer sales across grocery (truLOCAL meat/seafood subscriptions) and golf verticals (Underpar, Justgolfstuff, Tee 2 Green). Full-year 2025 revenue of $27.6 million with 43% YoY growth.
2. B2B Referral Marketing (Viral Loops): B2B referral marketing platform generating revenue from enterprise clients. Viral Loops contributed $1.3M revenue with 86% gross margin and $800K Adj. EBITDA in 2025.
3. B2B Golf and Grocery Sales: B2B sales channel for golf and grocery segments, with Q4 2025 B2B sales exceeding $1 million, nearly doubling from Q4 2024.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

EMERGE Commerce is a disciplined acquirer and operator of profitable e-commerce brands and technologies across D2C and B2B segments. Its portfolio spans D2C grocery subscriptions (truLOCAL meat and seafood), D2C golf apparel and equipment (Underpar, Justgolfstuff, Tee 2 Green), and the B2B Viral Loops referral marketing software platform.

Product overview

EMERGE Commerce Ltd. is a disciplined acquirer and operator of profitable e-commerce brands and technologies across D2C and B2B segments. The company operates three main verticals: grocery (truLOCAL meat/seafood subscription), golf (Underpar, Justgolfstuff, Tee 2 Green for apparel and equipment), and referral marketing (Viral Loops B2B platform). The portfolio spans direct-to-consumer brands and B2B technology offerings.

Differentiator

Problem solved

Functional benefit

Brands

• truLOCAL: Direct-to-consumer meat and seafood subscription service with over 70,100 Canadian customers and more than 100 farmer and producer partnerships.
• Underpar
• Justgolfstuff
• Tee 2 Green (T2G)
• Viral Loops

Products and services

• truLOCAL A Canadian direct-to-consumer meat and seafood subscription service that delivers curated boxes from local farmers and producers, serving 70,100+ Canadian customers with 100+ farmer and producer partnerships and 511,000 subscription boxes delivered nationwide.
• Underpar A golf e-commerce brand offering golf apparel and equipment through direct-to-consumer channels.
• Justgolfstuff A Canadian golf e-commerce brand specializing in golf apparel and equipment for consumers.
• Tee 2 Green (T2G) A profitable Canadian golf apparel and equipment business acquired by EMERGE in April 2025, contributing $6.4 million in revenue and $1 million in Adjusted EBITDA for 2024.
• Viral Loops A B2B referral marketing platform founded in 2016 that enables businesses to run viral referral marketing campaigns for customer acquisition, generating CA$1.3M in revenue with an 86% gross margin and CA$800K Adj. EBITDA in 2025.

Quantifiable outcome

• 43% YoY revenue growth to $27.6M in 2025
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Wishpond Technologies Ltd.coreStrategic or Co-development Partner · 10 March 2026EMERGE Commerce acquired substantially all assets of Viral Loops from Wishpond Technologies Ltd. for CA$2.3 million. Viral Loops is a B2B referral marketing platform founded in 2016 that generated CA$1.3M revenue with 86% gross margin and CA$800K Adj. EBITDA in 2025. The transaction marks EMERGE's first acquisition under its newly formed B2B vertical.
• Tee 2 Green Ltd.coreStrategic or Co-development Partner · 4 April 2025EMERGE Commerce completed acquisition of Tee 2 Green Ltd., expanding its golf brand portfolio. T2G, a profitable Canadian golf apparel and equipment business, contributed $6.4 million in revenue and $1 million in Adjusted EBITDA for 2024.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• ReferralCandy: ReferralCandy is a B2B referral marketing software platform serving e-commerce merchants worldwide. Direct competitor to Viral Loops with overlapping customer base (DTC and Shopify merchants) and similar pricing/business model.
• ButcherBox: ButcherBox is the leading US D2C meat and seafood subscription service, competing head-to-head with EMERGE's truLOCAL brand. Same subscription model, similar LTV/CAC economics, comparable farmer/producer supply network, and serves as the most direct read-across for truLOCAL's growth trajectory.
• Friendbuy: Friendbuy is a leading referral marketing platform for e-commerce brands, directly comparable to EMERGE's Viral Loops platform. Same B2B SaaS model, same target customer (DTC brands), same referral-campaign core functionality.
• 2nd Swing Golf: 2nd Swing Golf is a US-based golf retailer specializing in new and used clubs, apparel, and equipment — directly comparable to EMERGE's Underpar, Justgolfstuff, and Tee 2 Green brands. Same e-commerce-first golf retail model and target customer.
• Crowd Cow: Crowd Cow is a US D2C meat subscription company focused on traceable, farm-sourced beef and seafood. Operates the same D2C subscription model as truLOCAL and is a direct competitor in the specialty meat category, though currently US-focused only.
• Vinco Ventures (now Branded Legacy after merger): Vinco Ventures / Branded Legacy operates as a small-cap public acquirer of consumer brands and digital assets — comparable in market cap, listing tier, and acquisitive growth model to EMERGE. Often cited alongside EMERGE in small-cap e-commerce aggregator coverage.
• Branded Legacy Inc. Branded Legacy is a small-cap public company that acquires and operates e-commerce and consumer brands — the closest public-market comparable to EMERGE's roll-up strategy in terms of scale, structure, and acquisition cadence.

Broad incumbents

• Shopify Inc. Shopify is the dominant Canadian-headquartered e-commerce platform and serves as the infrastructure backbone for many of EMERGE's portfolio brands. While not a direct aggregator, it is the closest large-cap public Canadian commerce enabler and a natural strategic acquirer reference point.
• Thrasio: Thrasio is the largest US-based aggregator of Amazon FBA and DTC e-commerce brands, pioneering the same acquisition-and-operate playbook that EMERGE uses at smaller scale. Directly comparable business model though materially larger and currently undergoing financial restructuring.
• Pattern Group: Pattern is a global e-commerce accelerator that acquires and operates brands on marketplaces like Amazon. Larger and more focused than EMERGE but follows the same thesis of acquiring consumer brands and applying operational expertise to scale them.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xtwitter.com/EMERGE_ECOM?s=20
• Facebookfacebook.com/Emerge-Commerce-465732837153446
• LinkedInlinkedin.com/company/18276634/admin
• Instagraminstagram.com/emerge_ecom/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EMERGE Commerce