- Customer data science company Retina — which is known for predicting future lifetime value and customer behavior — announced it has raised $5 million in funding
Customer data science company Retina — which is known for predicting future lifetime value and customer behavior — announced it has raised $5 million in funding. This round of funding supports the company’s fast growth and it was anchored by former investor Crosscut Ventures. Retina has a goal of serving any business that has repeat customer purchases, including e-commerce, retail, and service-based businesses.
“Not all customers are created equal and, in fact, a majority of them are poison for the business,” said Retina co-founder and CEO Michael Greenberg. “Retina determines which customers will spend more as soon as they make their first purchase, not six months from now. Our customers are saving millions of dollars in online advertising, while also increasing sales. This funding allows us to expand our services and bring our insights to even more brands in 2020.”
Currently, Retina has the only intelligence platform that uses first-party data to predict future spending at or before the first transaction of a customer. And this is in stark contrast to the standard technology that typically requires over 3 customer transactions to forecast long-term behavior — which could take six months to a year to determine.
“We see Retina poised for significant growth,” added Rick Smith, Managing Partner of Crosscut Ventures. “The technology is deployed and delivering an ROI that is unmatched in the industry, so we’re doubling down for the ride.”
Retina’s customers like Madison Reed and Dollar Shave Club have already seen millions of dollars in increased sales and over 50% ROI on their investment within year one. And marketers, CFOs and Customer Success leaders from major brands including Backcountry, GoDaddy, Chegg, and Wikibuy rely on Retina’s platform to gain insight into what motivates their customers to continue to hit “buy.”
