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Multi-Channel Personalization Leadership Fueled With $20 Million Expansion Round for MyBuysFinancing Led by Rho Ventures Includes Participation From All Existing Investors (March 04, 2011)
REDWOOD CITY, CA -- (Marketwire) -- 03/04/11 -- MyBuys, the leading provider of personalization for multi-channel retailers, direct brands, and digital agencies, today announced that it has closed a $20 million round of financing. This third round of funding was led by Rho Ventures with continued participation from Lightspeed Ventures and Palomar Ventures. MyBuys will use the new investment to excel the adoption and development of its leading multi-channel personalization service for ecommerce.
"Our continued triple-digit growth rates enabled us to raise a significant amount of capital and will further separate our integrated, multi-channel personalization offering from single-channel, niche competitors. MyBuys' powerful-integrated channel approach empowers our relationships between our brands and their consumers to deliver material increases in response rates and consumer-lifetime values," said Robert Cell, CEO of MyBuys. "We will invest the additional capital in developing more innovative one-to-one marketing offerings and increase our client-facing team members to capitalize on the vast market opportunities available to us."
"We were impressed with MyBuys' expanding customer base, strong revenue and unique-integrated personalization offerings. Not only are they well positioned to provide incremental revenue for their clients, but they also have an impressive vision for the future of personalization and the right team to make it happen," said Paul Bartlett, partner at Rho Ventures.
MyBuys recently announced record-annual revenue for the fiscal year ending December 31, 2010, doubling revenues over 2009. The company added 225 new clients in 2010, and now provides multi-channel personalization services to more than 300 companies, including those who are featured Internet Retailer Top 500 retailers. To drive future growth, MyBuys expanded its leadership position in multi-channel personalization with the launch of predictive display advertising and personalized mobile commerce, the industry's only fully personalized site, which optimizes the entire shopping experience for every individual consumer across today's most popular mobile devices. This includes the iPhone, Android, Blackberry and iPad.
Robert Cell, CEO of MyBuys, furthered the mobile investment by launching the MyBuys Mobile Challenge as part of his keynote address at eTail West, Thursday, February 24th. For the first time, retailers can now test the performance of a platform for free. MyBuys will invest the costs and consulting of creating a Personalized Mobile Website to test head-to-head against any current mobile e-commerce site. If the MyBuys Mobile site doesn't perform better, no implementation fees are charged. For details, go to www.MyBuys.com/Challenge.
About Rho Ventures
Rho Ventures (www.rho.com) has a multi-stage investing strategy focused on high-growth companies in large markets. Rho Ventures' investments span new media, healthcare, IT, communications, energy technology and other disruptive technologies. Rho Ventures brings nearly 30 years of venture experience, combined with its partners' deep sector expertise and its far-reaching network to assist each portfolio company. This approach has allowed Rho to participate in the growth of some of today's most innovative and successful companies, including Active Power, Capstone Turbine, Ciena, Compaq Computer, EverydayHealth.com, Gloucester Pharmaceuticals, Human Genome Sciences, Intralinks, iVillage, MedImmune, ReachLocal, Shire Pharmaceuticals and Tacoda. Rho Ventures is currently investing from Rho Ventures VI, a $510 million fund. The firm has offices in Palo Alto, New York and Montreal, with investments across the globe.
MyBuys is the leading provider of multi-channel personalization for retailers, direct brands, and digital agencies. The company builds deep profiles based on each individual shopper's behavior, and then uses a patented portfolio of algorithms and real-time optimization to deliver the most relevant recommendations. MyBuys' clients are increasing engagement by over 100% across all channels, average order value by 45 percent, conversion rates by 90 percent, and boosting overall online revenue 10-30%. Over 300 companies, including more than 70 of the Internet Retailer Top 500, partner with MyBuys to offer intelligent, personalized recommendations to their shoppers. Based in Redwood City, Calif., MyBuys is a privately held company. Visit them online at www.MyBuys.com.
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