While the social network isn’t doing away with its direct-sale initiative, it is focusing its attention on ads that drive consumers to retailers’ sites.
The company, which lists Target Corp. and Neiman Marcus as clients, says it plans to use the funds to double the size of its staff, particularly on its sales and marketing team.
Predictive analytics vendor Retention Science has raised $7 million in a Series A funding round led by Upfront Ventures.
Retention Science helps online retailers craft personalized messages to their customers based on what analytics data show they’re likely to buy. The company says it will use the funds to double the size of its staff by the end of the year. It says it is particularly focused on adding more members to its sales and marketing team.
“Customer retention often takes a backseat to acquisition, despite the fact that it costs more to attract new customers and keep them,” says Jerry Jao, CEO of Retention Science. “Knowing this, we have created a solution that keeps existing customers engaged and delivers tangible ROI through repeat sales, increased order value and stronger brand loyalty.”
Existing investors Baroda Ventures, Forerunner Ventures and Mohr Davidow Ventures also participated in the funding round.
The vendor, which says its clients include Target Corp., the Neiman Marcus Group Inc. and the Honest Co., has raised $9 million to date.
Target is No. 18 in the Internet Retailer Top 500; Neiman Marcus is No. 41.