TrackIF helps shoppers and businesses save money; Raised $5 Million in a Series A funding
TrackIF is a company that brings online retailers and customers closer together by helping potential buyers track products through an embedded browser extension, and giving them intelligent information through email alerts.
For retailers, it allows them to capture future consumer purchase intent and easily convert these to revenue streams by sending email alerts about product price drop, new items and stock replenishments.
On Monday, this company announced that it raised $5 million, bringing their total funding close to $10 million.
Track IF, which is based in Minneapolis, Minnesota, raised the money through a Series A funding round led by Origin Ventures and Grotech Ventures.
Origin Ventures is a Chicago-based company that started in 1999. The company invests on content companies, newly hatched software, and marketplaces. Grotech Ventures, on the other hand, goes way back to 1984 and only invests in highly-potential tech companies.
TrackIF company prides itself as "Pinterest meets Google Alerts." It has developed an algorithm that gives users important updates from their favourite retailers.
For example, when there is a significant drop on the price of a certain item, users will be updated. Another example is when an item is back on track, users will be informed about it. This makes shopping very easy and it helps them get the best out of their money. And this makes selling easier for retailers because they will be more informed on what to promote and what to offer.
According to its founder, Doug Berg they are not like the usual platforms that leverage on cookies and other ordinary tracking devices. This strategy increases the "creep factor." Instead, users choose to use the services of TrackIF themselves.
Their team members come from large companies such as Google, Best Buy, and Apple and they built the premier E-Commerce Intent Marketing Platform to help online retailers to make buyers out of web surfers.
TrackIF, which was launched in 2013, now has 20 major retail partners, including Neiman Marcus, Home Away, and CostPlus. Berg refuses to disclose his other top clients but claims that one of them is the biggest home improvement retailers in the market.