The online musical instruments marketplace offers up to one year of financing to buyers through an online payment service from Affirm.
The company says it will use the new funding to expand its client base.
Baynote announced this week it has closed on $13 million in new funding and will use the funds to build the brand and sell its services into more industries. The company, whose technology predicts web user intent based on the behavior of others so e-retailers can make appropriate product recommendations, also announced the hiring of Doug Merritt as president and CEO.
Merritt is the second CEO named in less than a year. Mike Backlund, who was named president and CEO last March, will continue to work for Baynote as senior vice president of worldwide field operations.
Merritt comes to Baynote from software provider SAP, where he most recently was executive vice president of global on-demand. He also was a member of SAP’s executive council. Merritt worked for a number of software companies prior to joining SAP, including Patrol Software, Powersoft and Oracle Corp.
Baynote says Merritt was hired to lead the company through its next investment and growth phase.
SingTel Innov8, the venture capital arm of the Singapore-based communications company SingTel Group, led Baynote’s latest funding round. Baynote’s previous investors also participated in the new funding. Baynote’s funding total is now more than $28 million. Baynote was established in 2006.
“With Doug’s appointment to CEO and the latest financing, Baynote is now poised for what we expect will be a period of very explosive growth for the company worldwide,” says Yvonne Kwek, CEO of SingTel Innov8. Baynote says it had 75% year-over-year revenue growth in 2010.