Baynote Raises $10.5 Million to Increase Online Sales
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Baynote raised $10.5 Million in a series B round from Steamboat Ventures (the venture capital arm of the Walt Disney Company), Hummer Winblad Venture Partners, JK&B Capital, and Chess Ventures. They stated the funds would be used to accelerate the company’s growth and invest in R&D and customer operations.
Per their press release they are in the business of “content guidance software”. They provide real-time product and content recommendations based on their UseRankâ„¢ technology.
Their services are used to guide website visitors to the products that increase website conversions.
Baynote presents shoppers with products that have proven up-sell and cross-sell capability to increase conversions and they claim increase average order size when showing additional accessories or other related items.
Baynote claims that their product and content recommendations “deliver an average of 20 percent top-line revenue increase for e-commerce sites, and 500 to 1000 percent increases in visitor conversions across all e-marketing initiatives.” (quoted from their site)
Funding Total: $10,500,000
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|Investors: Steamboat Ventures, Hummer Winblad Venture Partners, JK&B Capital, Chess Ventures|