Real-time personalization provider Evergage has raised an additional $10 million in venture capital, bringing the total funds raised to more than $21 million. This Series B round was led by Arrowroot Capital, which joins existing investors G20 Ventures and Point Judith Capital. The additional investment will increase personalization budgets, boost growth and strengthen the company’s position to meet customer needs.
Evergage has advanced significantly in 2015 with an increase in average contract value and year-over-year revenue, as well as in-depth testing functionality, mobile app support and account-based marketing. The company plans to increase its headcount by more than 70% by the end of 2016.
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Personalized customer engagement has proven to be a huge asset in the world of retail with 70% to 94% of marketers experiencing positive outcomes of key metrics when using these techniques. With the help of personalization tools including machine-learning-driven recommendations and location-based mobile apps, companies can promote greater customer loyalty and increase sales.
“With Evergage, travel companies, retailers, financial institutions, technology providers, media companies and more can now deliver maximally relevant digital experiences and interactions that are tailored to each and every individual across their digital properties,” said Karl Wirth, Co-Founder and CEO of Evergage in a statement. “Helping marketers make every experience engaging is Evergage’s core mission, and we’re excited about this next round of funding from Arrowroot Capital and our existing investors and their support to make this mission a widespread reality.”
