Indiana-based Smarter Remarketer bags $7M from Battery Ventures
Battery Ventures invested $7 million into Smarter Remarketer, VentureBeat reported.
Smarter Remarketer is a startup based in Indianapolis that provides e-commerce sites with intelligence they can act on regarding the trends and purchasing habits of their customers. It does this through its flagship SR2 Big Data platform, the report said.
Battery Ventures was the lone investor for the most recent round. Smarter Remarketer Chief Executive Officer Walter Bates told VentureBeat, "We were so happy to get the validation from Battery. Their due diligence process is exhausting."
Angel investors provided the $4.2 million funds the startup needed to introduce its product in 2010. Co-founder and retail marketing expert Angel Morales conceptualized Smarter Remarketer. In just less than four years, it has grown 300% and has an elite roster of clients which include Eddie Bauer, SkyMall and Hugo Boss, among others. With a workforce of 27 employees, Smarter Remarketer gets its revenues from the licensing fees it collects from clients who use their software, the report said.
According to Bates, their software gathers and analyzes consumers' data gleaned from the patterns of behavior they exhibit when browsing e-commerce platforms. They then share this important data to their clients who get to see what is on the minds of their customers and what they are purchasing, the report said.
Bates said, "Our engine creates data sequestration profiles that enable customers to make extremely complex campaigns for retailers based on their customer's buying habits. We're building very sophisticated (profile) models for the web's retail environment."
Although forming a startup in Indiana was initially difficult, with local investors wondering why they would want to do so there, Bates said they were able to get the company going. By the end of this year, Smarter Remarketer is looking forward to raising more than $7 million, the report said.