New York City-based Personali, an incentives personalization platform for online retailers, has secured $12 million in Series B funding. Norwest Venture Partners led the round with participation from other investors that included Cedar Fund and Gemini Venture Partners. In addition to the funding, Dror Nahumi, a general partner at Norwest, has been appointed to Personali’s board of directors.
NEW YORK, June 11, 2015 /PRNewswire/ — Personali, an incentives personalization platform for online retailers, announced today that the company raised $12 million in Series B financing. The round was led by Norwest Venture Partners with participation from Cedar Fund, Gemini Venture Partners and private angel investors. Since launching in 2012, Personali has raised a total of $15 million.
This fundraising round will mark Norwest Venture Partners’ first investment in Personali. The firm manages approximately $5 billion in capital and has funded over 550 companies since its inception. Dror Nahumi, General Partner at Norwest, joined the company’s Board of Directors.
Personali’s platform allows online retailers to directly engage with consumers by allowing shoppers to personalize their own prices. Unlike coupons, which offer every shopper the same discount (e.g. 20%), Personali enables shoppers to pay a variety of prices within limits controlled by the retailer. Since shoppers make different offers, this approach protects profit margins and increases sales while still letting shoppers pay a price of their choosing.
In the past 18 months, Personali has generated over $200M in incremental revenue for retailers in North America, Europe and South America. Clients include Fortune 50, 100 and 500 retailers as well as Forbes’ Global 2000.
Personali will use the Series B funding to expand global sales and marketing, enhance and grow product offerings and hire technical talent for its development center in Tel-Aviv.
“Personali is taking discount strategies from the fixed coupon era to the age of the adaptive coupons,” said Noam Javits, co-founder and CEO of Personali. “With Personali, online retailers can invite consumers into a real-time conversation about price, empowering consumers to shape their own incentive. We’re grateful to have investors who share our vision of sales personalization and we look forward to extending our model throughout the ecommerce world.”
“We’ve discovered that discounting goes far beyond numbers – it takes insight from behavioral economics to figure out what consumers really want to get as a financial or money value benefit in order to complete their purchase,” added Keren Zimmerman, co-founder and CPO at Personali. “We’ve built that understanding into our automated platform, and for our customers the impact on bottom line revenue and conversion is significant.”
Personali is an incentives personalization platform for online retailers that increases revenue while protecting profit margins. Unlike coupons, which offer every shopper the same discount, Personali enables shoppers to pay a variety of prices within limits and rules controlled by the retailer. Using segmentation and machine learning approach based on psychology and behavioral economics, the platform personalizes prices to shoppers and user groups within a real-time engagement. The company is backed by Norwest Venture Partners, Cedar Fund, Gemini Venture Partners and angel investors. Personali is headquartered in New York with offices in London and Tel-Aviv. For more information, visit www.personali.com.