June 2, 2009, 12:00 AM

Personalization company MyBuys receives $7 million in funding

MyBuys Inc., a recommendation technology vendor, has raised $7 million in venture capital funding, ending its series B round with Lightspeed Venture Partners and Palomar Ventures.

Katie Evans

Managing Editor, International Research

MyBuys Inc., a provider of personalized product recommendation technology, has raised $7 million in venture capital funding, completing its series B round with Lightspeed Venture Partners and Palomar Ventures, the company announced today.

The company says it will use the funds to invest in product development, client services and market expansion.

MyBuys also announced today that so far this year it has signed 30 e-retailers to its web and e-mail personalization services including Delia*s, No. 145 in the Internet Retailer Top 500 Guide, and Peruvian Connection, No. 382.

"The sheer number of customers that MyBuys launched in Q1 is evidence that personalization is a hot space. It was an easy decision to increase our investment in MyBuys," says Amanda Reed, partner at Palomar Ventures.

Peruvian Connection’s director of e-commerce Erik Martinez and MyBuys CEO Robert Cell are speaking at the Internet Retailer Conference & Exhibition in a session June 16 entitled Making product recommendations work for maximum conversion.

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