Press Releases
MyBuys, the Leader in Personalization for Retailers, Raises Additional $7M in Venture Capital Funding
Company to Further Accelerate Leadership and Innovation
Redwood City, Calif.—June 2, 2009—MyBuys, the leading provider of personalized product recommendations, today announced that it has raised $7 million in venture capital funding completing their series B round with Lightspeed Venture Partners and Palomar Ventures. The funds will be used to further accelerate MyBuys’ leadership through investments in products, client services and market expansion.
In addition, MyBuys announced that in 2009 30 more retailers have launched with the company’s web and email personalization services including DELiA*s and Peruvian Connection who join leading retailers like Lancôme and Wine Enthusiast. MyBuys personalizes the most Internet Retailer Top 500 sites and hosts the largest number of consumer profiles - over 300 million – while offering an extensive multi-channel solution with a superior multi-algorithmic recommendation engine. The company continues to distinguish itself in the market with impressive client results, execution and growth.
“E-commerce is one of the few bright spots in the retail industry today.” said Lauren Freedman, president, the e-tailing group. “Merchants who adopt personalization to better engage, target and segment their customers will continue to reap the rewards, even in the midst of a slowdown in consumer spending.”
”The sheer number of customers that MyBuys launched in Q1 is evidence that personalization is a hot space. It was an easy decision to increase our investment in MyBuys.” said Amanda Reed, partner at Palomar Ventures.
“MyBuys helps over 100 retailers generate more revenue in this tough economy, said Robert Cell, CEO MyBuys. “Our impressive client results have enabled us to grow by five times year over year. Our partners have invested in us to further accelerate our leadership position of innovation, growth and technology advantage.”
About MyBuys
MyBuys is the leading provider of personalized product recommendations for online retailers. The company builds deep profiles based on each individual shopper’s behavior, then uses a patented portfolio of algorithms and real-time optimization to deliver the most relevant recommendations on the web and in email. MyBuys’ clients are increasing average order value by 45%, improving conversion rates by 90%, and boosting overall online revenue 10-30%. Premier retailers—including Restoration Hardware, Lancôme, Wine Enthusiast and Cost Plus/World Market—rely on MyBuys to deliver dynamic, personalized merchandising to their shoppers. Based in Redwood City, Calif., MyBuys is a privately held company. www.MyBuys.com
Media Inquiries
Emily Borders
Borders + Gratehouse
415.963.4174
emily@bordersgratehouse.com