Monetate Raises $5.1M To Continue Growth
Monetate, an independent provider of testing, targeting, and personalization for websites, recently announced its procurement of $5.1M in venture capital from First Round Capital, Floodgate Fund and a number of other organizational investors.
Monetate will be using its new found wealth to expand and support its highly demanded 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, co-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. “
The company plans to increase its staff from 30 to 50 with an intention all up and coming businesses should have.
“I think that above all else, I’m really thinking about how we grow the right team,” stated Brussin.
Monetate plans to grow their team locally and looks to hire people within the Philadelphia area. In order to find that crack team, the company will be providing incentives to those who refer a potential employee: if the referral winds up getting hired, the person who referred the new hire will receive $500 or an iPad courtesy of Monetate.
“We’re really hoping to do more and more things like that to make sure that everyone knows that Monetate is looking for the right people,” Brussin said.
Although this is technically Monetate’s second round of seed funding since their inception in 2008, they consider this to be their first round of venture capital.
“This is officially our Series A but unlike what Series A typically means, this is a company that is in its third holiday season with big customers and has a real track record and a lot of success,” says Brussin. “This is just the first time that we’ve put the Series A badge on our fund raising.”
Monetate also announced that it has recently added PETCO to its growing list of consumer websites. Other leading consumer websites in their repertoire include QVC, Urban Outfitters, ModCloth, The Sports Authority, and Casual Male Retail Group.