Evergage said Tuesday it raised another $10 million in venture capital led by Arrowroot Capital. Existing investors G20 Ventures and Point Judith Capital also participated. Somerville, Massachusetts-based Evergage is a cloud-based platform that provides personalization to more than 500 million Web visitors.
SOMERVILLE, Mass., Jan. 12, 2016 /PRNewswire/ — Evergage, the leading provider of real-time personalization, today announced it has raised an additional $10 million in venture capital. This successful Series B round, led by Arrowroot Capital, together with existing investors G20 Ventures and Point Judith Capital, brings the total funds raised to more than $21 million.
With this new round of funding – and at a time when 1 in 2 marketers plans to increase their budgets for personalization in the next year – Evergage will continue to enhance its solutions to meet the needs of customers across industries. Having delivered more than 1 billion personalized content impressions to date, Evergage is leading a movement to make every digital interaction a truly individualized, 1:1 experience – helping companies increase customer engagement and conversions.
“Personalization is the word on every marketer’s lips for 2016, and Evergage stands above in our eyes. Their end-to-end personalization platform empowers marketers in any industry to harness the power of machine learning, analytics and big data – in real time – to effortlessly provide unobtrusive and meaningful interactions with customers across channels,” said Matthew Safaii, managing partner at Arrowroot Capital and new Evergage board member. “We’re excited to back Evergage as it continues its strong growth trajectory and look forward to the company’s cutting-edge advancements in 2016 and beyond.”
This new capital comes after an exceptional 2015 where Evergage saw both its average contract value and year-over-year revenue more than double, and dramatically expanded its product set – with new, in-depth testing functionality; mobile app support; machine learning-driven recommendations; account-based marketing; and attribution reporting capabilities. These advances – when combined with Evergage’s core, leading-edge personalization features – have resulted in the emergence of the industry’s most comprehensive and integrated personalization platform, developed specifically for use by marketers.
To effectively support the increased demand for its real-time personalization solutions, Evergage plans to grow its headcount by more than 70% by the end of 2016. All current opportunities can be explored at http://www.evergage.com/careers/.
“Much like Salesforce.com became the standard platform for CRM, Evergage is poised to become the pre-eminent platform for customer engagement in the digital world. With unsurpassed behavioral tracking capabilities that integrate readily with virtually any existing customer data source, Evergage powers true real-time decision-making,” said Karl Wirth, co-founder and CEO, Evergage. “With Evergage, travel companies, retailers, financial institutions, technology providers, media companies and more can now deliver maximally relevant digital experiences and interactions that are tailored to each and every individual across their digital properties. Helping marketers make every experience engaging is Evergage’s core mission, and we’re excited about this next round of funding from Arrowroot Capital and our existing investors and their support to make this mission a widespread reality.”
Additional Evergage achievements and milestones from 2015 include:
• Over 100% client revenue retention (i.e., “negative churn”) by continuing to delight customers with solutions that deliver measurable ROI.
• More than 50 new customers signed, including Carrier, LendingTree, Tivo, WeddingWire, Xome and Zumiez, to name a few.
• New products and capabilities. Evergage built out the platform’s capabilities to include:
o Multivariate and A/B testing functionality.
o Evergage Recommend – a first-of-its-kind predictive 1:1 recommendations engine that’s managed and configurable by marketers.
o Evergage for Mobile Apps – a solution that extends the platform’s Web personalization capabilities for true multi-channel personalization. Built in-house, the solution integrates natively – it’s not just a “bolt-on” like competing solutions offer.
o Evergage on the Go – a handy mobile app for Evergage users that delivers anywhere/anytime reporting on campaign performance plus basic campaign administration features.
o B2B Detect – a solution that helps companies improve their account-based marketing efforts by enabling them to adapt each visitor’s experience based on industry or company name.
• Integrations solidified with Google Analytics, 11 email marketing solutions – Act-On, Experian, CheetahMail, Hubspot, IBM Silverpop, Marketo, Oracle Eloqua, Oracle Responsys Marketing Suite, Salesforce ExactTarget Marketing Cloud, Yesmail and Zeta Interactive – and three major ad networks, Facebook, Google and LinkedIn.
• Platform adoption, usage and uptime. The number of Evergage campaigns created and deployed by customers more than doubled in 2015, while adoption accelerated with 334% growth in the number of personalized content impressions delivered. Evergage also steadily handled a 375% increase in the volume of events tracked (e.g., clicks, form entries, page loads, etc.) while maintaining greater than 99.99% uptime.
• Award recognition from prestigious programs. Evergage’s personalization solutions took home accolades from the Best in Biz Awards, Golden Bridge Awards and the Stevie’s American Business Awards.
Evergage’s cloud-based platform delivers real-time personalization to more than 500 million Web visitors, improving demand generation, revenue growth and customer success for over 120 organizations, including Gardener’s Supply Company, Intuit, Publishers Clearing House, Rue La La, Tivo and Travelzoo. Evergage empowers marketers to increase engagement and conversions of visitors and users through real-time, 1:1 personalization based on deep behavioral analytics and customer data. Evergage is a 2015 Best in Biz Awards, Golden Bridge Awards and The Stevie American Business Awards winner, an MITX What’s Next Award winner and a two-time BostInno “50 on Fire” finalist. For more information, visit http://evergage.com or contact the company at firstname.lastname@example.org or 1-888-310-0589.
About Arrowroot Capital
Arrowroot Capital is a growth equity firm based in Santa Monica, California that invests in growing software-as-a-service and internet-based businesses. Arrowroot aims to provide equity capital in the range of $5M-$20M, but has access to a much larger pool of capital if needed. Arrowroot chooses to partner with companies that will benefit from the focused and unique expertise the firm offers. Learn more at www.arrowrootcapital.com.