Indianapolis-based Smarter Remarketer — winner of the 2013 Mira Award for Tech Startup of the Year — today announced it has secured $7 million in venture financing in a round led by Boston-based Battery Ventures. Battery has a long history of investing in companies based in Indianapolis including ExactTarget, Angie’s List and Consona Corp.
Smarter Remarketer is a marketing automation platform for online retailers that uses customer intelligence to reengage with store visitors through email, social media, display ads and other targeted communications. Eddie Bauer, SkyMall, Finish Line, Shoe Carnival, One Click Ventures and Hugo Boss are among the top 1,000 online retailers Smarter Remarketer counts as customers.
Smarter Remarketer was founded just four years ago, but has already demonstrated impressive year-over-year growth and success. Battery’s capital will be used to accelerate Smarter Remarketer’s growth through 2014 and expand the company’s award-winning customer intelligence platform.
“We are excited to be partnering with Smarter Remarketer,” said Neeraj Agrawal, general partner with Battery Ventures. “Smarter’s advanced-targeting capabilities allow retailers to do away with outdated, “batch and blast” marketing communications that are irrelevant for consumers. Instead, Smarter allows customers to increase their marketing return-on-investment by up to ten times by delivering the right message, to the right person, at the right time.”
As part of the financing—which represents the first institutional funding round for Smarter Remarketer—Battery’s Agrawal is joining the company’s board.
“Our rapid growth and the substantial ROI we provide to our customers made us an attractive prospect for investors, but we wanted to partner with an industry leader that has experience and a sophisticated understanding of our business model and the industry we serve,” said Howard Bates, president and CEO of Smarter Remarketer. “Battery has a remarkable track record for helping marketing-technology companies expand their product platform and scale rapidly. The firm’s expertise and resources will be invaluable assets as we continue to realize our goals for expansion while providing highly valuable solutions for our clients.”
Smarter Remarketer’s $7 million financing follows the posting of the company’s best-ever annual performance in 2013 that saw revenue growth of three times higher than the previous year and the introduction of the company’s SR2 Big Data platform, which allows retailers to engage individual website visitors in real-time based on up to several years’ worth of customer data, from behavioral through transactional.