Richrelevance Raises $12.5 Million
Richrelevance designs personalized recommendation software used by companies such as Sears, KMart, Michigan Bulb Co., and Bestbuyeyeglasses.com. As a matter of fact, Amazon.com said that they saw a 25% profit increase based on personalized recommendations. In an SEC filing it has been revealed that Richrelevance has raised $12.5 million in additional funding. Currently it is unclear whether this is a new round of funding or an add-on to the previous round.
The previous round was Series C at $9 million, led by DFJ with contributions from Greylock Partners, Tugboat Ventures, and several others. Interestingly, the last time I wrote about a combined investment between Tugboat and Greylock, the Cuil search engine was involved. That search engine was quickly hyped up and forgotten about despite a $200 million valuation. Hopefully Greylock and Tugboat have better luck in this investment.
Richrelevance’s first couple rounds of funding amounted to $9 million in total funding. That investment was also provided by Greylock, DFJ, and Tugboat. The company has an office in Seattle and hired former Amazon.com Principal Engineer Darren Vengroff to run the company. In the past year, Richrelevance said that they have tripled their revenues and has plans to further expand.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry