Bluecore takes $ 125 million Series E on $ 1 billion valuation as ecommerce personalization grows – TechCrunch
During the pandemic, especially when we were confined, just about every retailer had to step up their online presence and do it quickly. As more people move to shop online, it has become more crucial to be able to personalize that experience. This made the pandemic a pivotal moment for Bluecore, an ecommerce personalization platform, and today the company announced a $ 125 million Series E at a $ 1 billion valuation.
Existing investor Georgian led the round with participation from other existing investors FirstMark and Norwest as well as new investor Silver Lake Waterman. Today’s investment brings the total raised to $ 225 million, according to the company.
Until fairly recently, Bluecore CEO and Co-Founder Fayez Mohamood said retail outreach was mainly about driving traffic to physical stores or to the company’s website, but as more As more and more business is conducted online, it has changed the way brands have to interact with it. their clients.
“We believe in this change and Bluecore is a retail specific multi-channel personalization platform, and we basically combine three types of data. The first is the identity of the customer. Second, the behavior of buyers. And then third and most importantly, a retailer’s product catalog, and using that, we create personalized experiences across different channels, ”explained Mohamood.
The company was founded in 2013 and has evolved the concept of personalization significantly since then. Mohamood says the pandemic has really pushed things into the digital realm where the strength of his business lies and that is one of the main reasons they are accepting this funding.
“Personalization has always been important, but I think the value retailers can derive from it has accelerated dramatically as digital has become a bigger and bigger part of everyone’s revenue. And over the past year it has become even more critical, ”he said.
As the company’s growth accelerated, so did hiring. In May 2020, Bluecore had 236 employees, it now has more than 300 and is expected to exceed 400 by the end of the year. He says that as he grows the business, diversity and inclusion are crucial for the employee base to reflect the diversity of the customers they serve.
“It starts with the management team, so I am extremely proud of the fact that in our management team, almost half of our team is made up of women. We have a committee that is represented by the core employees which is a diversity, equity and inclusion committee where we have thoughts and ideas and most importantly actions on how we can create a more workplace. diverse and inclusive. And that translates into OKRs, ”he said.
As a Series E company with a billion dollar valuation, Mohamood may consider becoming a public company at some point, but this is not an immediate goal as it pursues growth rather than profitability. “The way we think about it is we have this brand that’s going to help us invest in our product capabilities, our leadership capabilities, and our go-to-market capabilities to create something that has the ability to. [be a public company some day]. Having said that, we are continuing to grow and if that is the goal, we find that staying private helps us do that, ”he said. And with $ 125 million in leads, the company has the freedom to take its time.