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MyBuys raises $20 million in the company’s third funding round
The personalization firm plans to boost its offerings and add to its workforce.
MyBuys Inc., which sells online personalization and product recommendations technology, has raised $20 million in its third round of capital-raising.
Rho Ventures led the funding round, which also included Lightspeed Ventures and Palomar Ventures. My Buys plans to use the funding to increase its offerings and to hire additional staff, boosting its workforce by 50% in 2011.
“We invested heavily in personalized advertising and mobile commerce in 2010 in order to differentiate our services and to drive market leadership," says Robert Cell, CEO of MyBuys. "We choose not to disclose what products we will be launching this year but you can expect to see us continue to innovate in these areas in addition to multichannel personalization overall."
The company says revenue for the year ended Dec. 31, 2010, was double that of the previous year. The privately held company does not report its revenue or profits. MyBuys says it added 225 clients in 2010, and now provides personalization services to more than 300 companies, the vast majority of which are retailers, Cell says.
“We were impressed with MyBuys’ expanding customer base, strong revenue and unique integrated personalization offerings,” says Paul Bartlett, partner at Rho Ventures, who will join the MyBuys board of directors. “Not only are they well positioned to provide incremental revenue for their clients, but they also have an impressive vision for the future of personalization and the right team to make it happen.”