Marketing technology startup Yieldify, which arrived in Sydney late last year, has announced that it has secured $11.5 million in Series A financing led by Google Ventures and SoftBank Capital.
With the investment, Yieldify will be able to continue to build out its predictive marketing technology, with the business also planning to expand its global presence, and reinforce existing teams in London, New York, Berlin and Sydney.
Investment aside, due to organic growth the Sydney office of four is now on a recruitment drive.
Launched just under two years ago in London by entrepreneurial brothers, Jay and Meelan Radia, Yieldify has expanded to more than 120 employees worldwide to-date and now works with more than 1,000 global brands, including Marks and Spencer, French Connection, Steiner Sports and Monarch.
E-commerce continues to be one of the fastest growing global industries, with the retail market alone predicted to reach $28.3 trillion by 2018, however Jay Radia, CEO of Yieldify explained that conversion optimisation over the past 10 years had begun to stagnate.
“If you take an honest look at the legacy optimisation tools, most of them are simply ‘following the follower.’ We believe that marketers are looking for a simpler way to achieve top-line growth from day one. What they are not looking for is yet another live-in platform to train their team on.”
Yieldify’s annual revenues have grown by 480% year-on-year from April 2014, and funding from Google Ventures and SoftBank Capital indicates the growing priority of ecommerce technology within the digital marketing sector.
“Traditional customer abandonment solutions still haven’t cracked the code to retaining and converting online visitors on the web and mobile,” said Avid Larizadeh Duggan, general partner at Google Ventures.
“Yieldify takes a novel approach to converting visitors into customers, enabling marketers to adapt and better understand online customer intent.”
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