Yieldify raises $11.5m from SoftBank and Google Ventures
Predictive marketing start-up helps Marks & Spencer, Ben Sherman and L’Occitane to increase conversion rates
Marketing technology business Yieldify, featured in the Startups 100 2014, has secured $11.5m Series A funding from SoftBank Capital and Google Ventures.
Founded by brothers Jay Radia (pictured) and Meelan Raida, the London-based company has developed predictive marketing technology to help e-commerce businesses increase conversion rates and reduce site abandonment.
The technology learns visitor interests and incentivises their behaviour – re-engaging them during the “optimal time period”.
The marketing business claims to have grown its revenues by 480% over the last year and currently works with more than 800 brands including Marks & Spencer, Ben Sherman and L’Occitane.
The Series B round, significantly larger than its previous $1.2m from Hoxton Ventures and Robert Klein, will be used to fuel expansion into new markets including New York, as well as to hire new staff – specifically data scientists and engineers.
Radia commented: “90% of visitors to your average shopping website don’t buy anything. Right now there is still a big lack of engagement. We work on a performance basis, and so we are in real partnership with our customers. Other software solutions charge big fees and it’s rare for SaaS to work as a percentage of a sale.”
Avid Larizadeh Duggan, general partner at Google Ventures, added:
“Traditional customer abandonment solutions still haven’t cracked the code to retaining and converting online visitors on the web and mobile.
“Yieldify takes a novel approach to converting visitors into customers, enabling marketers to adapt and better understand online customer intent.”