Press Releases
MyBuys Raises $10 Million to Extend Leadership in Personalized Product Recommendations
Additional Financing Enables Leader in 1:1 Targeting for eCommerce to Meet Growing Demand and Accelerate Market Expansion
Redwood City, CA--October 8, 2007 - MyBuys™, a leading 1:1 personalized product recommendation service for online retailers, today announced it has secured a $10 million Series B funding. Palomar Ventures led the round with participation from existing investor Lightspeed Venture Partners.
"The funding further validates MyBuys' unmatched targeting ability using our proprietary, patent-pending technology," said Robert E. Cell, CEO of MyBuys. "This investment will enable us to significantly increase our market momentum."
MyBuys, which introduced MyBuys 3.0 earlier this year, delivers the industry's first 1:1 personalized product recommendation service that targets consumers both while they are shopping and in follow up emails. MyBuys presents products a consumer is truly interested in buying, which enables online retailers to achieve an extraordinary 300% higher revenue per customer interaction.
"As pressure grows to maintain high growth rates in ecommerce, MyBuys' service will become a competitive requirement for online retailers," said Amanda Reed, partner at Palomar Ventures. "With this financing, MyBuys will have an opportunity to further its ability to provide the greatest revenue lift for online retailers."
"With its innovative approach to targeting and optimization, MyBuys offers the most effective solution to this burgeoning market," said Peter Nieh, partner at Lightspeed Venture Partners. "MyBuys can significantly improve the profitability of online merchants by enabling them to more fully monetize the website traffic that they have spent substantial dollars to generate."
About MyBuys
MyBuys is a 1:1 personalized product recommendation service for online retailers. We build deep profiles of consumer preferences and apply advanced algorithms combined with optimization techniques to generate truly personalized recommendations for each consumer. MyBuys' consumer-based, multi-channel approach outperforms the more common product-centric, Web site-only approach. By communicating on the retailer's Web site as well as in follow up emails and RSS feeds, our retailers realize more repeat visits, increased conversions, and larger order sizes. MyBuys' pay-for-performance model yields immediate results without any upfront costs, and clients report revenues at 300 percent the rate of traditional marketing programs. Our clients include Lancôme, RitzCamera.com, and urban street wear leader Karmaloop. Based in Redwood City, California, MyBuys is privately held.
Media Inquiries
Lisa Joy Rosner
Vice President, Marketing
lrosner@mybuys.com