London 17 August 2017: Tailored.to, the personalised shopping assistant that powers personalised advertising, today announced that it has closed the last tranche of a $900k seed investment round.
- Investors include Amadeus Capital Partners, Ascension Ventures and high profile angel investors.
- Funding is being used to rollout more publisher partners and deliver a Personalised Marketing Platform for advertisers.
- Early user engagement data suggests Tailored can deliver a 10-fold improvement over other online marketing channels.
Tailored’s personalised product recommendation technology is placed on a publisher’s web page alongside relevant editorial content. It allows users to instantly find the right product for their individual needs.
Tailored’s highly accurate product matching is powered by the entire wisdom of the web, using a vast bespoke database and an AI powered recommendation engine. The technology processes 40m pieces of product, review and price insight from the web daily. Tailored’s initial 20 technology focused product categories is growing weekly, boasting 300 brands, 6000 products and most major retailers are on board.
The company is initially tailoring a wide range of consumer electronics products (eg fitness and audio gadgets, hair and beauty devices, drones and kitchen gadgets) where a research and buying process can take days or weeks.
As well as Amadeus and Ascension, investors include Susanne Given, Chairman of Made.com, Nick Kingsbury, former global head of software at 3i who has also joined the board and Martyn Bentley, EMEA head of Prohaska consulting, the media technology advisors. Others include Daniel Murray, founder of shopping app Grabble and other angels from the media, data and publishing industries.
The team behind the business, Martin Bailie, Matt Hanrahan, James Wilberforce-Andrews and Dan Griffiths have all been involved in successful businesses in the media, digital marketing and technology sectors, with 20 years of experience each.
Martin Bailie commented, “We are delighted to close this investment which will allow us to deliver on our mission to eradicate boring product search and power 100% personalised, GDPR compliant, marketing for brands. We’re taking our personalised shopping assistant to many more publishers over the coming months and the engagement data we’re getting significantly exceeds our forecasts. It proves the business can scale internationally.”
Tailored.to solves a little discussed problem for consumers: product search sucks.
In research conducted by Tailored, 60% of 1500 online shoppers claimed to dislike product search, within which 29% were very annoyed by it or found it ‘tedious’. 20% were neutral. Only 7% enjoyed it.
Tailored is 100x more efficient than Google for product research
Using Google’s own research of search engine users, a user took 1.5hrs to find a suitable wheatgrass juicer for their needs. Using Tailored it would have taken them just 1.5 minutes.
The company has three main revenue streams which it splits with partner publishers:
- Audience data sales: the system captures the richest, most personalised in-market audiences on the market to power completely personalised advertising. The in-market prospects are available with the real needs known for always-on retargeting. All revenue is split with the host publishers.
- Sponsored content: Adding Tailored to sponsored content delivers advertisers in-market prospects for retargeting as well as product sales. Publishers can therefore charge more for their content.
- Product sales: Tailored converts interested shoppers over several weeks with its personalised retargeting and CRM system.
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