Retention Science Raises $7 Million Series ATuesday, August 5, 2014
Retention Science, a customer retention marketing platform, has raised $7 million in a Series A round.
Upfront Ventures led the financing round with support from Baroda Ventures, Forerunner Ventures and Mohr Davidow Ventures and a number of angel investors.
Upfront Ventures Partner Greg Bettinelli and Forerunner Ventures founder Kristen Green have joined Retention’s board.
The Santa Monica company uses big data to help retailers determine what offerings are the most appealing to consumers and when the best time is to market them. A couple of Retention Science’s L.A. clients include Dollar Shave Club and the Honest Co., whose founders, Michael Dubin and Brian Lee, respectively, participated in this round as angel investors.
“Customer retention often takes a back seat to acquisition, despite the fact that it costs more to attract new customers and keep them,” said Jerry Jao, chief executive of Retention Science, in a statement. “Our success is validated by the fact that several of our clients asked to invest in Retention Science. They’ve seen the results and want to play a role in our future growth.”
The Series A financing brings Retention Science’s total raise to $9 million. The company launched in 2012 after graduating from Santa Monica accelerator MuckerLab.