• RichRelevance

  Participated · Equity · Aug 2012

  RichRelevance offers an enterprise-scale omnichannel personalization platform used by more than 240 multinational brands to deliver personalized content, search, offers and recommendations across web, mobile, call center and in-store channels. The platform drives more than one billion decisions every day and has generated over $20 billion in sales for its clients. RichRelevance provides API-based personalization tooling (Build™) to manage and route data and integrate personalization into applications. The company and Accenture plan to deepen collaboration to build digital concierge services, develop algorithms on the platform, and combine Accenture assets such as the Accenture Clustering Engine with RichRelevance’s services. The expanded alliance is intended to broaden RichRelevance’s market footprint and support increased demand for its personalization platform. RichRelevance is headquartered in San Francisco and serves clients in 42 countries from nine offices. RichRelevance provides an omnichannel personalization platform that creates a single, data-centric view of the shopper to deliver relevant experiences across web, mobile and in store. The company is used by more than 200 multinational retailers, including Target, Office Depot, Costco and Marks & Spencer. RichRelevance drives more than one billion decisions every day and has generated over $10 billion in sales for its clients. The firm has opened its cloud-based platform via a service-oriented architecture to accelerate its "Relevance in Store" omnichannel initiative, enabling clients to merge disparate data sources and build adaptive applications. Headquartered in San Francisco, RichRelevance serves clients in 40 countries from nine offices around the globe. The company said it is working with Bridge Bank to meet its financing needs following a new funding arrangement. RichRelevance is an omnichannel personalization provider that creates personalized shopping experiences across online, mobile and in-store channels. Its cloud-based, service-oriented platform and product suite deliver merchandising, segmentation, targeting and advertising capabilities, and the company recently launched RichRelevance Retail Audience Segments for advertisers. RichRelevance introduced "Relevance in Store" to optimize in-store discovery and allow retailers to merge disparate data sources and build custom applications from a single view of the customer. The company serves more than 175 market-leading companies in 35 countries, including recent additions Costco, Barneys and 3Suisses, and reports that nine of its ten largest clients averaged 56% year-over-year account growth in 2013 while its three biggest accounts doubled spend between 2012 and 2013. Operationally it runs 11 data centers and the seventh-largest Hadoop instance worldwide, handling two-thirds of Twitter's requests-per-second with 100% uptime, and drives over one billion personalization decisions per day. The announced financing will support international expansion and continued product innovation to create new shopping experiences across channels. RichRelevance provides personalization and product-recommendation technology for e-commerce sites, delivering targeted promotions and advertising to help retailers monetize their websites. The company was founded by the architects of Amazon.com’s recommendation technology and is led by CEO David Selinger. It serves major retailers including Walmart, Sears, Target, Office Depot, and Overstock in North America and Marks & Spencer, John Lewis, Dixons, and Ann Summers in Europe. RichRelevance delivers more than 850 million product recommendations daily and has grown headcount to over 130 employees while expanding offices in San Francisco, New York, Seattle, London, and Boston. Revenues doubled from 2010 to 2011 and were expected to double again the following year; the company was close to profitability before taking the new funding. The new capital will support hiring to better serve large clients and fund acquisitions when strategic, following prior acquisitions of Searchandise Commerce and CNET’s Intelligent Cross-Sell operations. RichRelevance provides consumers with e-commerce recommendations tailored to their preferences and interests. Its core product is a recommendation system that delivers personalized product suggestions for online shoppers. The company raised $12.5 million in a second-round of funding. Investors in the round include Greylock Partners, Tugboat Ventures, Draper Fisher Jurvetson and Draper Richards. The fundraising was reported by VentureWire. No additional financial, valuation, or operating metrics were disclosed in the article.

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