Tech Company Scores Funding
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAn Indianapolis-based tech company has secured $7 million in financing from global investment firm Battery Ventures. The funding for Smarter Remarketer Inc. will be used to accelerate growth and expand its automated customer intelligence platform. The company's clients include Eddie Bauer, SkyMall and Hugo Boss. February 20, 2013
News Release
INDIANAPOLIS, Ind. – Smarter Remarketer, the leading provider of customer intelligence for multi-channel retailers, today announced it has secured $7 million in venture financing in a round led by Battery Ventures. As part of the financing – which represents the first institutional funding round for Smarter Remarketer – Battery General Partner Neeraj Agrawal is joining the company's board.
In just four years since its founding, Smarter Remarketer has demonstrated impressive year-over-year growth and success with some of the nation's largest retail brands, including Eddie Bauer, SkyMall, Finish Line and Hugo Boss, among many others. Battery's capital will be used to accelerate Smarter Remarketer's growth through 2014 and expand the company's award-winning customer intelligence platform.
“We are excited to be partnering with Smarter Remarketer,” said Battery's Agrawal. “Smarter's advanced-targeting capabilities allow retailers to do away with outdated, “batch and blast” marketing communications that are irrelevant for consumers. Instead, Smarter allows customers to increase their marketing return-on-investment by up to ten times by delivering the right message, to the right person, at the right time.”
“Our rapid growth and the substantial ROI we provide to our customers made us an attractive prospect for investors, but we wanted to partner with an industry leader that has experience and a sophisticated understanding of our business model and the industry we serve,” said Howard Bates, president and CEO of Smarter Remarketer. “Battery has a remarkable track record for helping marketing-technology companies expand their product platform and scale rapidly. The firm's expertise and resources will be invaluable assets as we continue to realize our goals for expansion while providing highly valuable solutions for our clients.”
Battery's digital marketing technology portfolio includes companies such as ExactTarget (acquired: Salesforce), Marketo (IPO), Bazaarvoice (IPO), Neolane (acquired: Adobe), and Sprinklr, among others. Battery also has a long history of investing in companies based in Indianapolis. Those investments include ExactTarget, Angie’s List (IPO) and Consona Corp.
Smarter Remarketer's $7 million financing follows the posting of the company's best-ever annual performance in 2013 that saw revenue growth of three times higher than the previous year and the introduction of the company's SR2 Big Data platform, which allows retailers to engage individual website visitors in real-time based on up to several years' worth of customer data, from behavioral through transactional.
About Smarter Remarketer
Smarter Remarketer is a customer intelligence driven marketing automation platform that is redefining how retailers engage virtually any audience through highly-targeted, truly relevant, business critical communications. The company's SR2 platform allows retailers to send intelligence-driven, triggered communication to visitors through multiple channels in order to reengage and drive sales. Smarter Remarketer's hub-based, vendor inclusive solution unifies existing vendors across email, on-site messaging, social media and display ad, enabling consistent messaging across all marketing touches that bolsters customer lifetime value while enabling more effective use of promotion and marketing dollars. For more information, visit smarterremarketer.com
About Battery Ventures
Battery invests in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, e-commerce, digital media and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to buyout and invests globally from offices in Boston, Silicon Valley and Israel. To learn more, visit www.battery.com and follow the firm on Twitter @BatteryVentures.
Source: Smarter Remarketer