RichRelevance Secures $20 Million in Financing to Accelerate Global Growth
Strategic investment will be used to fuel international expansion and advance Relevance in Store, the next era of data-driven retail
San Francisco, CA – June 2, 2014 –– RichRelevance®, the global leader in omnichannel personalization, today announced that it has secured $20 million in growth capital funding. The round of financing was led by Centerview Capital Technology with participation from existing investors Draper Fisher Jurvetson (DFJ), Greylock Partners, Crosslink Capital and Shea Ventures. The financing will be used to expand RichRelevance’s business internationally and to continue to create new shopping experiences across online, mobile and in store.
“There is only one response strategy to Amazon: omnichannel personalization,” said David Selinger, CEO of RichRelevance. “Standing alongside our phenomenal client base, we are on the front lines of the customer experience every day. Our clients look to us to provide the data architecture and expertise they need to deliver memorable, meaningful and relevant experiences to their customers. Our success is intimately tied with our unique ability to create a new kind of shopping experience that spans the digital and physical worlds.”
The announcement comes as RichRelevance continues to introduce new strategies and capabilities to turn data into a differentiated consumer experience. The company recently unveiled Relevance in Store, a strategic initiative that optimizes the in-store experience to drive product discovery, consideration and sales. This relentless omnichannel innovation yields continued dividends for RichRelevance’s clients and its business through strategic client engagements that quickly grow over time:
- RichRelevance currently serves more than 175 market-leading companies in 35 countries, and recently added Costco, Barneys, and 3Suisses to its roster.
- Nine of RichRelevance’s ten largest clients significantly deepened their relationship with RichRelevance in 2013 – with an average of 56% year-over-year account growth over this period.
- The company’s three biggest accounts, on average, doubled their spend between 2012 and 2013.
RichRelevance currently ranks #1 for personalization in both the US and EMEA based on its proven, real-time infrastructure and award-winning product suite (San Francisco Business Times Tech & Innovation Award, May 2014). With 11 data centers worldwide, RichRelevance operates the 7th largest Hadoop instance in the world, handling 2/3 of the requests-per-second of Twitter with 100% uptime.
To accelerate Relevance in Store, RichRelevance has opened its cloud-based platform through its service-oriented architecture (SOA) to allow retailers to merge data sources and build custom applications based on a single view of the customer.
RichRelevance also continues to enhance its integrated product line with the merchandising, segmentation, targeting and advertising functionality needed to turn data into business results. The company recently launched RichRelevance Retail Audience Segments to allow advertisers to reach specific demographic groups (new parents, electronics enthusiasts, primary household shoppers) on multiple retail sites.
“RichRelevance is led by the team that pioneered online personalization for brands like Amazon, eBay and Paypal, and they are well poised to help retailers take full advantage of the promise of data-driven, digitized commerce,” said Centerview Capital Partner, Sandhya Venkatachalam, who has joined RichRelevance’s Board of Directors. “David and team combine an incredible vision of the power of data with a true understanding of the global retail market. We are very excited to partner with them as they continue to scale and build a truly extraordinary technology brand.”