Personalization firm RichRelevance announced today that it has raised another $8 million in funding. This completes the funding roundthat began with $20 million in capital raised in May.
The funds position the company to pursue three goals: to consider more acquisitions, deepen its product portfolio and expand in regions where it is doing well, particularly Europe, says RichRelevance CEO David Selinger. The company’s European sales more than doubled last year, he says, and he expects the company to grow at least another 100% there this year. Its European retail clients include Marks & Spencer, No. 19 in the Internet Retailer Top 400 Europe; John Lewis PLC, No. 18 and Dixons Stores Group, No. 12.
The company is not yet breaking even, but getting close, Selinger says. “We’re pretty close to profitability already,” he says. “This is a little extra padding in the pocket.”
RichRelevance provides personalized product recommendations on the e-commerce sites of 28 retailers in the Internet Retailer Top 500 Guide. Its technology is also used by consumer goods brand advertisers, for example, allowing a brand like Proctor & Gamble Co. to serve ads for Pampers diapers to a Target.com shopper who has been identified as a new mother, Selinger says. In July, the company named Jack Rotherham senior vice president of sales for RichRelevance Advertising.
The new funds come from venture capital firms RTP Ventures, Shea Ventures, Gray Ventures and previous investor Tugboat Ventures.
“RichRelevance’s team, platform and product suite place them in the center of the future of shopping and brand engagement,” says Kirill Sheynkman, senior managing director at RTP Ventures. “We’re extremely excited about RichRelevance’s path forward as they continue to innovate new markets and new products, better serving retailers, brand advertisers and consumers.”
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