13.7.2017 10:10 | Business Wire
Nosto lands $17 Million to own Ecommerce Personalization
Nosto, the industry leading personalization software solution for online retailers, has secured $17 million in funding from the European Investment Bank, which will be used to accelerate Nosto’s continuous product innovation and research program and to fuel Nosto’s expansion within the US and EMEA regions, as well as entry into new markets. This will enable the development of more innovative features using Nosto’s cutting-edge patented technology to help retailers grow their businesses with strong local support by skilled professionals.
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“We have developed a breakthrough SaaS platform that makes it easy for retailers to deliver personalized shopping experiences to every individual across all touchpoints. This is an exciting stage in our company’s growth and we’ll continue to focus our capital and energy on building a great product to empower retailers to succeed. This funding allows us to further innovate and continue our mission of connecting people with products across their entire shopping journey,” says Juha Valvanne, one of the founders of Nosto.
With the mission of making it easy for retailers to deliver their customers personalized shopping experiences, at every touch point, across every device, Nosto offers its multi-channel online personalization solution for online retailers worldwide, aiming to create a fully personalized customer journey through the use of real-time, targeted product recommendations.
By analyzing hundreds of thousands of data points in online stores to build a deep understanding of every customer in real-time, Nosto’s patented technology empowers retailers to deliver the right product ads to the right users at the right time through personalized product recommendations on websites, mobile apps, emails and social ads.
Nosto has forged strong partnerships with top level ecommerce platforms such as Magento and Shopify Plus, ensuring high quality service for its customers. As of April 2017 Nosto also became an official Facebook Marketing Partner, joining an exclusive group of companies known for their excellence on the platform. The customer base includes leading brands such as Twinings, Jack Daniels, Everlast and Volcom.
"The funding will help us grow our operations and introduce our cutting-edge patented technology to new markets. We will use the funding to keep attracting even more talents to our international team as well as investing in our personnel and product development. All of this will fuel our worldwide growth and expansion even further. Our aim is to be the global leader in ecommerce personalization," says Matti Rönkkö, CEO of Nosto.
The loan is one of the largest that has been provided to a startup company by the European Fund for Strategic Investments (EFSI), a joint initiative of the European Investment Bank and European Commission.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “Global expansion and developing innovative products demands investment. Investing in research is a critical factor in ensuring that European companies, such as Nosto, maintain their status as innovation leaders in e-commerce when competing in the global marketplace. I am delighted that the European Fund for Strategic Investments is playing an important role in facilitating such investments.”
In addition to EIB, the company is backed by investors such as Wellington Partners and Open Ocean Capital. The resources provided will aid in Nosto’s growth plans, which include hiring engineers to the Nosto headquarter located in Helsinki and increasing its sales and marketing teams in New York, London, Stockholm and Berlin. Additionally, Nosto will open its Los Angeles office in the fall to strengthen its support in the US market and will be recruiting skilled professionals.
Nosto enables online retailers to deliver their customers personalized shopping experiences at every touch point, across every device. A powerful personalization solution designed for ease of use, Nosto empowers retailers to build, launch and optimize 1:1 multi-channel marketing campaigns without the need for dedicated IT resources. Leading retail brands in over 100 countries use Nosto to grow their business and delight their customers. Nosto supports its retailers from its offices in Helsinki, Berlin, Stockholm, London and New York.
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