EDMONTON, Alberta--(BUSINESS WIRE)--Granify, the leading automatic e-commerce revenue optimization platform, announced today that Valar Ventures, the global venture fund backed by Peter Thiel, has led a $7 million US Series A investment in the company.
Granify has developed revolutionary technology that automatically converts more online shoppers by predicting, in real time, which shoppers aren’t going to purchase and providing contextual stimuli to help overcome the objection before the shopper leaves the website. The platform leverages the intelligence Granify has accumulated by analyzing over two trillion behavioral data points each month.
“We’ve been tracking Granify for the past couple of years and have been impressed with the way they’ve nailed product-market fit,” said James Fitzgerald, a partner at Valar Ventures. “With this current round of funding, the company is positioned to bring its proven conversion tools to the world’s largest e-commerce businesses.”
Jeff Lawrence, CEO of Granify, emphasizes that results are not reliant on the time a retailer is able to dedicate. “Human resources are highly constrained for most retailers, so they stick to analyzing high level, aggregated data found in analytics software such as Google Analytics. And they analyze this information after shoppers have already left their site. The reality is that it’s extremely time consuming and difficult for humans to distill much more than this, let alone do it in real time. But by limiting yourself to what’s humanly possible you’re leaving an incredible amount of revenue on the table.” Granify’s big brained computers do the heavy lifting, automatically getting smarter as more shoppers go through a retailer’s site.
While most software applications charge a recurring fee regardless of performance, Granify charges a fee only when it directly increases sales. “Our mission is simple: increase your revenue by helping more visitors buy from your site,” said Lawrence. “We should only be compensated for our success in achieving this mission.”
Granify has already made tremendous progress towards this goal, typically providing a double digit increase in revenue for its current roster of clients in 19 countries. One of its recent success stories is an incredible 28% increase in revenue directly attributable to Granify for a Fortune 500 company within three months.
Fabrice Grinda, an investor in several of the largest e-commerce companies globally, including Alibaba and Delivery Hero, believes all retailers should be using Granify. “Granify is a mandatory tool to maximize online conversion rate and revenue growth. The boost in revenue happens fast and is significant. There’s no risk and they only charge for incremental revenue, so there’s absolutely no reason not to use Granify.”
Granify was already profitable and growing rapidly, but the additional capital will enable the company to accelerate its plan. Existing investors iNovia Capital, Social Starts and several prominent angel investors also participated in the round.
For more information or a free trial, visit Granify at http://granify.com
About Valar Ventures
Valar is a New York-based venture firm founded by Andrew McCormack, James Fitzgerald and Peter Thiel. Valar’s core thesis is that an increasing number of transformative technology companies are being started outside of Silicon Valley and the United States, and that the founders of those companies benefit from having a US partner that understands their unique challenges and opportunities and can help them achieve optimal growth.
Granify automatically maximizes revenue for online retailers by identifying shoppers that aren’t going to buy and changing their mind - while they’re still on the site - by harnessing the power of real-time big data and machine learning.