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Philadelphia's Monetate snags $8M in Series C funding

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December 5
10:32 PM 2013

Data analytics provider Monetate has closed USD8 million in a Series C funding round, bringing its total funding to USD43 million. Existing investors Common Fund, Lead Edge Capital, and OpenView Venture Partners participated in the said round, according to TechCrunch.

The new capital will be used for Monetate's data analysis platform. This tool helps companies such as Best Buy drive their sales through the analysis of information from web interactions, email, and search engines, the report said.

The company's service is designed to create and deliver a personalized shopping experience for its customers. Using the platform's dashboard, retailers can target customers from specific regions. For example, after gathering weather data and a fair weather is expected, the service allows the retailer to offer hiking boots to its clients, the report explained.

Monetate is a cloud service more suited to larger clients. The firm is also a competitor of Adobe, SiteSpect, Optimizely, and WebTrends, TechCrunch reported.

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