Big data marketing analytics developer Pursway has closed a $7.2 million round of funding from existing investors Battery Ventures and Globespan Capital Partners. The proceeds will be used to expand product and sales teams to support increased demand in data-driven marketing technology.
Pursway's software dramatically improves customer acquisition, cross-sell and retention by imprinting a social graph onto existing customer and prospect data, identifying actual relationships between buyers, and empowering marketers to better target customers with demonstrated influence over others' purchasing decisions.
Battery Ventures general partner Scott Tobin said, "There's no question that big data and social influence have given marketers valuable insight into their target buyers, but translating that data into sales continues to be the Achilles heel. Pursway takes a completely different approach, relying on transaction and interaction data, revealing previously invisible social connections that drive actual and measurable consumer behavior. As a result, the demand from major retailers, financial institutions and telecom providers has been significant. We're confident that Pursway will continue to disrupt the way marketers use data to generate sales."
Pursway CEO Dave Ellenberger said, "Our customers are achieving significant increases in customer acquisition and retention by better targeting customers and prospects that tend to buy what their friends buy. This new round of funding reflects our investors' confidence in our ability to transform the way marketing is being done. It gives us the capital to reach more organizations that are realizing the power big data has in converting prospects and retaining customers."
Headquartered in Waltham, Massachusetts, the company's development offices are in Herzliya.
Published by Globes [online], Israel business news - www.globes-online.com - on October 7, 2013
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