March 7, 2011
By the ZippyCart Content Team
MyBuys, provider of multi-channel personalization solutions (MCPS) for online retailers and brands, announced the close of a $20 million Series C round of funding they can add to their resume.
The round was lead by new investor Rho Ventures with participation from existing investors Lightspeed Ventures and Palomar Ventures, bringing their total funding, since its 2006 inception, to $32.8 million.
The funding parallels MyBuys’ 2010 announcement of doubling revenue from 2009 and taking on 225 new clients, bringing their current services to more than 300 companies, which include top brands like Lancome, Skechers, Golf Galaxy, and Karmaloop.
In order to set itself apart from other MCPS providers and attract the attention of the large retailers, MyBuys provides personalized shopping services for bands and retailers based on “deep consumer preference profiles.” In other words, the company builds profiles based on individual shoppers’ behavior, purchasing history, and stated preferences, then uses their patented portfolio of algorithms and real-time optimization to deliver the most accurate and relevant recommendations to their retail clients. This process is claimed to increase customer conversion rates by 90%.
The company also recently announced the launched of their predictive display advertising and personalized mobile commerce solutions. This new type of ecommerce software enables MyBuys’ clients to optimize the the shopping experience for individuals using smart phone devices like iPhone, iPad, Android, and BlackBerry devices.
MyBuys is so confident with their new mobile software that they let their clients test the performance of the solution free of charge. Making the deal even sweeter: the creation of the mobile site comes without implementation fees if MyBuys’ mobile site doesn’t perform better than their current websites.
“We were impressed with MyBuys’ expanding customer base, strong revenue, and unique-integrated personalization offerings. Not only are they well positioned to provide incremental revenue for their clients, but they have an impressive vision for the future of personalization and the right team to make it happen,” said Rho Ventures partner Paul Bartlett.
MyBuys has the financial backing and technological savviness needed to become an excellent MCPS provider for a diverse number of retailers. As long as they stay on track and keep up their current pace, it will be an exciting 2011 for the company.
A native of Montana, Charlie is a proud graduate of Washington State University. When he wasn't enjoying his independence from parental guidance, Charlie studied advertising, with a fancy toward social media. If he's not writing, Charlie's gaming online or studying the fine art of karaoke at popular dojos like Ozzies and the Butler.
