MyBuys Raises $20 Million In Third Round Of Funding
MyBuys is a a service that helps online retailers based on past preferences and behaviors. MyBuys gives product recommendations across multiple channels on websites, display ads, product alerts, direct mail, and mobile devices. MyBuys has raised a $20 million third round of funding led by Rho Ventures and participation from Lightspeed Ventures and Palomar Ventures. MyBuys plans on using the funding to accelerate the adoption and development of its personalization services.
“Our continued triple-digit growth rates enabled us to raise a significant amount of capital and will further separate our integrated, multi-channel personalization offering from single-channel, niche competitors. MyBuys’ powerful-integrated channel approach empowers our relationships between our brands and their consumers to deliver material increases in response rates and consumer-lifetime values,” stated MyBuys CEO Robert Cell. “We will invest the additional capital in developing more innovative one-to-one marketing offerings and increase our client-facing team members to capitalize on the vast market opportunities available to us.”
For the fiscal year ending December 31, 2010 MyBuys doubled their 2009 revenues. The company also added 225 new clients in 2010. They also provide multi-channel personalization services to over 300 companies. MyBuys helped optimize the shopping experience for companies through mobile devices including the iPhone, iPad, Android, and BlackBerry.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry