Trackif said Tuesday it raised a $5 million Series A round co-led by Origin Ventures and Grotech Ventures. Existing investor Chicago Ventures also participated. Minneapolis-based TrackIf provides online tracking and alerting for shoppers.
MINNEAPOLIS, MN (PRWEB) AUGUST 18, 2015
TrackIf, a leader in online tracking and intelligent alerting for future purchase intent, today announced it has raised a $5 million Series A financing round, co-led by Origin Ventures and Grotech Ventures. Existing investor Chicago Ventures also participated.
TrackIf is an embeddable technology in leading e-commerce sites and mobile apps that, for the first time, gives shoppers options when they cannot or will not buy on their first visit to a site. With TrackIf’s white label technology, e-commerce companies can capture future consumer purchase intent and convert it into newfound revenue by sending personalized email alerts on changes such as price drops, new items and items coming back in stock.
TrackIf’s initial retail customers have seen tremendous results, with some capturing as much as $1 million in future purchase intent per day from their online visitors. TrackIf has sent over 65 million personalized emails to date, with nearly 50x better open rates and 20x greater conversion rates– results rarely seen with even the best retargeting campaigns.
TrackIf’s customers include several of the top 25 Internet retailers (including the largest home improvement retailer), Neiman Marcus (Last Call), Build.com, Cost Plus World Market, Joie, and many others.
Trackif integrates easily into e-commerce sites by installing a simple script which gives shoppers the ability to opt-in to get alerts on specific products, categories, or areas of any site. This means even the largest sites can deploy this capability quickly with very little integration and provide Pinterest-like capabilities that are branded to any site.
Among the tracking and alerting capabilities that TrackIf retail customers have deployed are:
• Price Drops (on customer-specified products)
• Product Availability (in/out of stock + limited quantities)
• New Products Added (by category, brand, size, color, other)
• New Reviews Added
• Gift Registry Tracking (wedding, baby, graduate)
• Favorite Products (Pinterest-like wish list with alerting)
• Wish List Alerting (On existing wish lists within any site)
“We’re in a Pinterest economy now, where consumers want to pick and choose the products they want, from the sites they want, at the prices they want. Shopping sites that embed this type of experience into their sites will not only delight their customers, but can multiply their results,” said Doug Berg, CEO and Founder of TrackIf.
When successfully deployed, the TrackIf solution enhances retailers’ CRM systems, which traditionally are limited to only tracking what consumers have purchased in the past. TrackIf adds the capability to compile and act on data that signals what large groups of shoppers are going to buy in the future. Many TrackIf customers have altered their fulfillment and reordering processes as a result of the new demand intelligence they get from TrackIf’s products.
“TrackIf has impressive growth in this new category of customer-centric marketing. Many of the world’s most respected online retailers are getting instant results with measurable ROI,” said Jason Heltzer, Partner at Origin Ventures. “We believe this new category of marketing will be a must-have capability for any transactional site or mobile app that wants to personalize the consumer experience and maximize revenue-per-customer.”
As a part of the financing, Jason Heltzer from Origin Ventures and Lawson DeVries from Grotech Ventures will join the Board of Directors at TrackIf.
TrackIf is the leader in online tracking and intelligent alerting. Its technology empowers transactional sites and mobile apps to add white-labeled product tracking that captures future purchase intent and converts it into revenue using personalized email alerts. Several of the largest online retailers in the world rely on TrackIf to maximize revenue per customer. To date, TrackIf has sent over 65 million personalized emails, with nearly 50x better open rates and 20x greater conversion rates– results rarely seen with even the best retargeting campaigns. TrackIf is headquartered in Minneapolis, MN with key executives in both San Francisco, CA, and New York, NY.
About Origin Ventures
Origin Ventures is an early stage venture capital firm founded in 1999, based in Chicago and composed entirely of former operators and engineers. The firm invests in emerging software, marketplace, and content companies capable of exponential growth. Previous investments include Grubhub (NYSE:GRUB), DialogTech, Ahalogy, and Windsor Circle.
For more information, please visit http://www.originventures.com.
About Grotech Ventures
Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the IT landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1.3 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000.
For more information, visit: http://www.grotech.com
About Chicago Ventures
Chicago Ventures is an early-stage venture capital fund that invests in exceptional entrepreneurs and their innovative technology companies that are disrupting a large market opportunity. The firm primarily invests in Chicago and the Central region of the country, providing engaged support through its operating experience, advisors, and network to help its portfolio companies build great businesses.