Retention Science's "retention marketing technology" gets $7 million in Series A
(August 6, 2014) Retention Science managed to raise $7 million in Series A funding, backed by Upfront Ventures, and earlier investors including Baroda Ventures, Forerunner Ventures, Mohr Davidow Ventures as well as so-called angel investors. With the recent funding, the company reportedly plans to hire sales and marketing staff, as well as more data scientists who can demonstrate "retention marketing" beyond retail.
Brian S. Lee of Honest Co, Michael Dubin of Dollar Shave Club Inc, Tamim Mourad of PriceGrabber.com LLC and eSalon.com, and Andy Dunn of Bonobos Inc, founders of different companies that used Retention Science in the past, reportedly became investors in the startup as well.
With a team of PhD data scientists and expert marketers, Retention Science built a powerful, easy-to-use SaaS marketing platform that gives companies of all sizes the capability to easily understand, engage and retain its customers. The scientific technology aggregates and cleans behavioral, transactional, and demographic data and applies learning and predictive algorithms, to profile and predict customer behavior. Then, it delivers personalized marketing campaigns that increase customer spending and advocacy.
According to a study conducted by the company, of 163 e-commerce companies in English-language markets, 67 percent of an online seller's revenue comes from 32 percent of its existing, or repeat customers.