Monetate monetize on $5.1m eCommerce Investment
Monetate, an independent provider of testing, targeting, and personalization for websites, has raised $5.1m from First Round Capital, Floodgate Fund and other institutional investors. Monetate also announced that PETCO has joined the growing list of leading consumer websites that use Monetate, including those of QVC, Urban Outfitters, ModCloth, The Sports Authority, and Casual Male Retail Group.
Monetate will use its new funding to expand and support the rapidly growing demand for its testing, targeting and personalization solutions for consumer websites.
“Ecommerce is a high-stakes game where every site visit is a chance to turn a browser into a buyer and companies need access to the best testing, targeting and personalization tools for their websites” said David Brussin, Founder and CEO of Monetate. “However, eCommerce companies have no time for complex solutions that must be administered and managed by IT departments; they need automated, easy-to-use tools like Monetate that help them boost conversion instantly and increase customer loyalty over the long term. “
Conshohocken, Pennsylvania based Monetate was founded in 2008 by technology industry veterans David Brussin and David Bookspan and rapidly gained traction for its ground-breaking enterprise SaaS solution, the first to enable companies to quickly and easily test, target and personalize product messaging, marketing creatives and other site features.
Secret Weapon
“Monetate has gained unprecedented momentum in the eCommerce technology space and its easy-to-use website testing, targeting and personalization technology is already employed by some of the world’s biggest online stores, to dramatically improve conversion on their sites” said Josh Kopelman, Managing Partner of First Round Capital. “Monetate has quickly become the leading secret weapon for eCommerce sites and the company’s world class customer list grows more impressive every day.”
“Many eCommerce technology companies claim to deliver a one-to-one online shopping experience, but Monetate is the only company I’ve seen that actually delivers on that promise” added Mike Maples, Managing Partner of Floodgate Fund. “After cutting-and-pasting just one tag onto their site, marketing and merchandising staff can test every website element and promotion, quickly segmenting and targeting visitors with the products they’re most interested in purchasing. Monetate makes eCommerce a personal experience for each shopper – and helps retailers turn more browsers into buyers.”
“Our customers are embracing the ease with which Monetate’s solution can be implemented, regardless of their legacy platform and the speed with which they can put its many features to work” added Scott Samios, Monetate’s VP of Sales.