Monetate Secures $5.1 Million Financing to Support Continued Growth
Monetate (www.monetate.com), the leading independent provider of testing, targeting, and personalization for websites, today announced it has raised $5.1 million 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.
Key Company Facts:
- 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.
- Monetate not only supports A/B and multivariate testing but also enables websites to implement targeted and personalized offers and promotions, dramatically boosting sales, customer acquisition, and consumer loyalty.
- Monetate uses its “one tag” technology and other innovations to overcome previous barriers to implementation of testing and targeting; even the world’s busiest websites can now run hundreds of complex campaigns simultaneously, with real-time tracking of results, and no internal IT resources.
- By mid-2009 Monetate was cash-flow positive and it is now serving some of the web’s highest traffic sites for the third holiday season in a row.
About Monetate’s Funding:
- Monetate will use its funding to expand and support the rapidly growing demand for its testing, targeting and personalization solutions for consumer websites.
- Monetate has quickly attracted many eCommerce industry veterans to its team. The company’s Board of Directors includes Sam Decker, former CMO of Bazaarvoice who previously led Dell.com to become one of the world’s largest eCommerce sites; Josh Kopelman, Managing Director of First Round Capital; and Lucinda Holt, CEO of ClickEquations.
- Monetate’s Strategic Advisory board includes Bryan Eisenberg, the bestselling author of “Waiting for Your Cat to Bark?” and “Always Be Testing”; Bob Myers, CEO of Sheplers and a Shop.org board member; Kevin Ertell, VP Retail Strategy, Foresee Results, formerly SVP E-Business at Borders, and a Shop.org board member.
- “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. “
- “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,” said 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.”
- “At QVC we use Monetate to optimize the customer experience and sales performance of QVC.com while reducing costs and time-to-market. Our favorite Monetate feature is the ability that Monetate gives us to insert content seamlessly, anywhere on our site without having to modify our page templates.” said Alex Miller, QVC’s vice president of eCommerce & eMarketing.
- “Monetate continues to drive incremental revenue for us because of the exceptional testing and targeting features that it provides; with Monetate on our websites we have the ability to deliver relevant and personalized content to all of our visitors, throughout their online shopping experience,” said Ric Della Bernarda, Chief Marketing Officer and Senior Vice President of Casual Male Retail Group.
- “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,” said Scott Samios, Monetate’s VP of Sales, a veteran in the space, formerly with Adobe’s Omniture Test&Target division.