Evergage, a website personalization vendor, is announcing today that it has raised $10 million in Series B funding.
Web personalization is a big deal, and the industry is poised for significant growth.
Browsing a website is a very active process. Each mouse hover or click is a signal, and even factors like time spent on a page correlate to interest (or lack thereof). Email, by contrast, offers very little signal beyond open-rate and click-through.
VB Insight has found that the vast majority of companies see significant gains across a range of metrics when they employ web personalization tools.
And web personalization is becoming a critical cornerstone to companies’ total personalization efforts, extending beyond just the website.
That’s because real-time behavioral data — all those actions you take on a site that indicate interest and intent — is being used to increase the effectiveness of engagement in other channels, like emails and advertisements.
And this is happening on a massive scale.
For its part, Evergage says it has delivered more than 1 billion personalized content impressions, to date.
The company, which works with both B2B and B2C companies — like Intuit, Lending Tree, TiVo, Rue La La, and Travelzoo — says year-over-year revenue and average contract value have more than doubled. It has also expanded its product set with new testing functionality, machine learning capabilities, and account-based marketing features, and extended its personalization capabilities to mobile apps.
A number of web personalization vendors now refer to themselves as “cross-channel” or “omnichannel” personalization vendors, as they use their behavioral data to personalize engagement beyond the website. Evergage has not adopted the same terminology, but has also opted to move away from the “web personalization” label. Instead, the company now calls itself a “real-time personalization” vendor.
Evergage plans to use the funds to support its growth, and hopes to increase its headcount over 70 percent by the end of 2016.
The new round was led by Arrowroot Capital, and joined by existing investors G20 Ventures and Point Judith Capital.