– USA, NY – Bluecore, delivering the next generation of data-driven marketing automation, today announced the closing of a $21 million Series B funding round led by Georgian Partners, with participation from previous investors including FirstMark Capital and Felicis Ventures. Bluecore’s marketing automation solution enables eCommerce marketers to take instant dynamic actions on terabytes of behavioral data. Bluecore’s current trigger based email marketing solution has been on the market for less than 24 months, and in that time has seen tremendous growth and expansion:
- Doubling AAR every six months
- 3x customer base growth in less than 10 months, now representing more than 180 top retail brands
- On track to generate more than $200 million in gross revenue on behalf of retail partners in 2015 alone
- 4x team growth in 12 months to more than 60 full-time employees
“Fundamentally, most components found in the enterprise marketing stack were never conceived to handle the behavioral data volumes customers produce nor the ways marketers need to leverage these insights,” said Fayez Mohamood, co-founder and CEO of Bluecore. “Georgian Partners’ focus around Applied Analytics and previous experience backing companies like Shopify, Tealium and FreshBooks will play a pivotal role in guiding our expansion plans in the coming years.”
Bluecore’s focus on scalable, pain-free integrations across channels and making behavioral data readily available to marketers is the foundation for the next generation marketing stack. This latest round of funding will support requests from existing customers to expand net-new marketing channels in eCommerce, such as display and mobile. In addition, Bluecore will expand internationally in 2016 and is projecting headcount to double in the next 12 months.
“Bluecore’s ability to drive deep 1:1 personalization and product recommendations in real time is very impressive,” said Justin LaFayette, managing partner of Georgian Partners. “Their use of applied analytics to drive actionable insights from their rich repository of product catalog data will continue to be a key differentiator.”
Bluecore enables eCommerce brands like Staples, Express and Cabelas to bypass hurdles around data latency and silos through a simple and scalable integration of the Bluecore marketing automation solution. The Bluecore data engine processes more than 100 terabytes of behavioral customer data in milliseconds, allowing marketers to segment audiences and trigger personalized communications on the fly. The Bluecore email product suite brings data automation to the full scope of email marketing programs, including Dynamic Lifecycle Emails like Post Purchase, traditional Abandonment emails like Cart and Search, Product Catalog notifications around New Merchandise and Out-Of-Stock, and lastly Live Segments for the automation and personalization of retailer’s large-volume proactive sends.
This Series B round will bring Bluecore’s total funding to $28.2 million since 2013. As part of this round, Justin LaFayette of Georgian Partners will join Bluecore’s board of directors.
About Bluecore
Bluecore enables eCommerce marketers to create and distribute personalized emails with the speed and precision not previously possible, dynamically reacting to customer behaviors and catalog changes in seconds. With more than 150 customers representing more than 180 high-end apparel, electronics, automotive and consumer brands, Bluecore delivers customer engagement and conversion at rates that defy industry standards. Bluecore is one of New York City’s fastest growing start-ups, backed by FirstMark Capital and Georgian Partners.
About FirstMark Capital
FirstMark Capital is an early stage venture capital firm based in New York City. Our mission is to partner with exceptional entrepreneurs who are changing the world by solving meaningful problems. We have built a deeply engaged community among the extraordinary teams in our network to spread ideas and opportunities. We are privileged to work alongside the founders of remarkable businesses like Pinterest, Shopify, Riot Games, InVision, Tapad, NewsCred and dozens more.
About Georgian Partners
Georgian Partners is a growth equity firm investing in expansion-stage enterprise software, Internet and information companies that are exploiting applied analytics: the convergence of cloud-based business solutions, data science, and broad information rights. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages its global software expertise to be able to directly impact the success of companies.
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