RichRelevance powers personalized shopping experiences for large online retailers and a new advertising solution that gives brands access to premium ecommerce real estate.
RichRelevance Raises $8 Million In Funding
RichRelevance has added $8 million in funding to its growing pot of equity. Last May the company raised $20 million and the latest funding round sees some familiar faces in the form of Tugboat Ventures. Tugboat was joined by RTP Ventures, Shea Ventures, and Gray Ventures.
The essential purpose of RichRelevance is to help e-commerce websites track their user behavior and provide recommendations based on patterns observed in that behavior-checking. The latest round of funding will therefore go towards boosting the recommendation engines running under RichRelevance and provide a more personalized shopping experience on e-commerce platforms.
The company is also looking to add other high-profile clients to its roster which presently includes retailers Walmart, Target, Office Depot and Overstock.com. In Europe it has big name customers such as Dixons and Marks & Spencer. On the back of this rather sensational customer haul, RichRelevance has seen its revenues double year-on-year. A big chunk of the new capital injection will help the company deliver quality service to the existing base of e-commerce customers.
RichRelevance will no doubt continue to shape the overall user experience of millions of shoppers. Having been borne out of the technology that now powers Amazon.com, it is fair to say that it will be big part of why and how we shop online in the next 5 years at least.