RichRelevance, a US-based company helping retailers personalise their brands to consumers, has extended its series A round by $8 by adding Russia-based internet group Ru-Net’s RTP Ventures as one of its investors.
Alongside RTP in the A-extension were venture capital (VC) firms Shea Ventures, Gray Ventures and Tugboat Ventures.
RichRelevance previously raised $20m in it’s A round from VC firms Greylock Partners, Crosslink Capital and Draper Fisher Jurvetson.
Six of the top 10 internet retail chains, including Walmart, Sears, Target, Marks & Spencer and John Lewis, use RichRelevance as their personalization provider and the company serves more than 850 million product recommendations daily.
Kirill Sheynkman, Senior managing director at RTP Ventures, said: “We have entered a new economy where the largest forces shaping retail are big data and cloud computing.
“RichRelevance’s team, platform and product suite place them in the center of the future of shopping and brand engagement.
In May last year, RichRelevance and discount company Overstock started the RecLab Prize giving a cash award of up to $1m to the researcher or research team who can achieve a measurable lift over existing product recommendations in a wide variety of shopping contexts on Overstock.com.