Personalization platform Evergage raises $10 million
January 13, 2016 10:49 AM
Personalization platform company Evergage has raised $10 million in Series B funding as it aims to double its software developer staff and enhance its mobile app for retailers.
The new funding brings the company’s fundraising to $21 million and was led by Arrowroot Capital. Existing investors G20 Ventures and Point Judith Capital also participated.
The company, which helps retailers test and send targeted messages to shoppers to encourage them to make online purchases, will use the new funding to double its software developer staff to 40 and upgrade its Evergage for Mobile Apps. The upgrade would allow a retailer’s marketing staff to use the app without IT help, says Evergage CEO Karl Wirth.
Marketers currently require IT staff to help them use Evergage’s web software, including the mobile app software, and the company wants to change that, he says. “One of our philosophies is that a marketer freed up from IT can take a leap forward in personalization. He’s more likely to say, ‘Let’s try this or that.’”
The goal is to get a personalized message in front of shoppers who are using a retailer’s mobile app. Such messages would be based on the shopper’s unique characteristics, such as shopping habits, whether he’s used the app before and whether he buys or browses with the app, Wirth says.
Wirth says Evergage’s goal is to go public, but that won’t be soon. “It could be in the next five years,” he says.
Evergage signed 50 customers in 2015, including Zumiez, No. 233 in the Internet Retailer 2015 Top 500 Guide. Existing customers include Rue La La (No. 84) and retailer Gardener’s Supply. Evergage says it also built its platform’s capabilities to include multivariate and A/B testing, and it more than doubled its average contract value and year-over-year revenue. Evergage declines to provide revenue details.