Philadelphia, PA August 04, 2011 – Monetate, the leading provider of testing, targeting, and personalization solutions for websites, today announced a $15 million Series B round of funding led by OpenView Venture Partners. Coming off a record year in 2010, Monetate is delivering dramatic results for clients like PETCO, Urban Outfitters, The Sports Authority, QVC, Casual Male Retail Group, GSI Commerce, Brookstone, L’Occitane, and Dick’s Sporting Goods.
“Monetate has clearly established itself as the leading platform for website testing, targeting and personalization, and we are excited to partner with the Monetate team,” said Adam Marcus, Managing Director of OpenView Venture Partners. “We see Monetate as the ‘third leg of the stool’ for online marketers, alongside search and email, driving substantial incremental revenue for clients through website optimization that is directly under the control of marketing.”
“At Monetate our growth is fueled by the fact that we make it easy for marketers to change anything, anywhere on the website, for any customer, without having to go through IT,” said Monetate founder and CEO David Brussin. “We’re delighted to partner with OpenView Venture Partners to accelerate our growth and help even more organizations optimize the online customer experience.”
“We’re thrilled with the results we’ve attained since using Monetate’s solution,” said Bob Myers, CEO of Sheplers, a Monetate customer that has recently achieved rapid online revenue growth. “When you are trying to deliver the best possible website experience to each and every customer, with a minimum amount of pain, Monetate is a huge asset to have on your side.”
Monetate was founded in 2008 by technology industry veterans David Brussin and David Bookspan with a mission to let marketers control the consumer website experience without IT. The company has rapidly gained traction among leading online brands with its groundbreaking, cloud-based marketing platform.
Because Monetate lets marketers design and run multiple concurrent messaging and promotional campaigns while simultaneously testing them in real time, without having to rely on their IT department or hire specialized staff, the result is vastly improved marketing efficiency and website ROI. Internet Retailer Top 500 clients routinely see double digit increases in conversion rate, customer acquisition, average order value, and revenue per session, as well as big reductions in bounce rates and cart abandonment.
Monetate previously secured a Series A financing of $5.1M in 2010 from First Round Capital, Floodgate Fund and other institutional investors.
About OpenView Venture Partners
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up Product, Go-To-Market, and Organizational and Operational functions to best practice levels. The firm was founded in 2006 and has a total capital under management of approximately $240 million. OpenView Venture Partners is based in Boston and invests on a worldwide basis.