RichRelevance Raises $4.2 Million in Series B Funding
Investment to Support Additional Solution Innovation and Partnership Development
San Francisco, Calif. – April 8, 2008 – RichRelevance™, which powers next generation personalized recommendations for eCommerce businesses, announced today that the company has raised $4.2 million of Series B venture capital financing from Greylock Partners and Tugboat Ventures. This funding follows on the heels of a Series A round from Draper Fisher Jurvetson, Draper Richards and select angel investors.
“For eCommerce businesses, we have entered a period where there is tremendous pressure to increase the value of every customer visit. Personalized product recommendations–done right–offer incredible sales lift,” said RichRelevance Board Member Ellen Siminoff, Board Chairman of Efficient Frontier and former SVP at Yahoo. “It makes sense that the person who led Amazon’s Personalization R&D team is now delivering on this promise.”
“RichRelevance’s recommendations go beyond existing collaborative filtering solutions and provide a powerful way to enhance customer satisfaction while driving sales lift,” said RichRelevance CEO and founder David Selinger. “With our SAAS model, we deliver our next-generation solution quickly and easily, everything from multiple recommendation sets on every page of a site to our intuitive dashboard—yielding significant bottom-line value with minimal integration. The Series B funding is an exciting stage in our company’s growth and it will give us additional resources to serve our customers and partners.”
RichRelevance is led by veterans from Amazon, Overstock, eBay, MySpace, and ATG, who collectively have more than 30 years of experience in personalization, online commerce, data analysis and web products.
As part of the investment, David Whorton of Tugboat Ventures and David Strohm of Greylock Partners joined the RichRelevance Board of Directors.
RichRelevance powers next-generation merchandising and personalized recommendations on eCommerce sites. The company’s product outperforms collaborative filtering solutions through use of more than fifteen recommendation types combined with transparent messaging, continuous optimization, and merchandiser controls. The company is privately held and headquartered in San Francisco, California.
