“We feel that with a strong financial backing, the team can focus on scaling our business and hiring world-class talent,” says Jerry Jao, Retention Science CEO.
Other backers included Baroda Ventures, Forerunner Ventures, and Mohr Davidow Ventures, as well as a group of angel investors: Brian Lee, founder of The Honest Company; Michael Dubin, founder of Dollar Shave Club; Tamim Mourad, founder of PriceGrabber.com and eSalon.com; and Andy Dunn, founder of Bonobos.
“We believe their interest in investing in Retention Science is another huge vote of confidence, and is largely based on the results and successes we’ve delivered to many of their companies, which are also clients of ours,” says Jao of the angel investors.
The company delivers increased order value and frequency for online brands such as CafePress, Neiman Marcus, The Honest Company, and Vitamin Shoppe. The team has already hired Scott Schnaars as their global head of sales and marketing. Jao says Schnaars has strong credentials as the former GM and VP of sales for Badgeville.
The Series A funding for Retention Science demonstrates enormous confidence in the company and market, but more importantly the opportunity for disruption.
“We see a huge opportunity to raise greater awareness among all marketers for the valuable practice of customer retention, and make it a more prominent part of their strategy,” says Jao. “Marketers can gain much more from getting existing customers to increase their spending, rather than focusing their efforts solely on acquiring new customers.”
While the company will stay in Santa Monica, they do have plans to expand. Already, the team uses big data analytics and predictive algorithms to “help online retailers re-engage customers by profiling their behavior and creating timely and relevant retention campaigns for each individual, resulting in increased loyalty and customer lifetime value,” the press release explains.
“We will build out an enterprise sales marketing team, starting to focus on content marketing and brand marketing. We also plan to participate in conferences as a way to expand our brand awareness,” says Jao.
To learn more, watch this new video from Retention Science: