Nosto, a leader in ecommerce personalization and artificial intelligence (AI) tools for retail, announced the closing of a new round of funding totaling USD $7.4 million led by European investment companies Tesi, Open Ocean and Idinvest. Nosto’s innovative retail personalization solutions have fueled a three-year growth rate of 260 percent in North America driven by deep relationships with 2,500 of the world’s fastest growing retail brands. To date, Nosto has raised more than $25 million from investors to further expand its leadership in artificial intelligence and deep learning for retail.
Nosto has also driven a gross merchandise volume (GMV) of more than $10 billion through its customer stores, and clients using Nosto are averaging a 22 percent increase year over year GMV compared with the industry average of 14 percent. The company’s momentum is driven by its patented technology, predictive AI-algorithms and successful expansion across Europe and North America.
“We’re very proud of the momentum that we’re experiencing and the widespread adoption of our AI-powered personalization platform. This funding round comes on the back of major product advancements we launched earlier this month where client impact and results have been phenomenal. With these new products, we’re now enabling retailers to personalize the entire brand and shopping experience in real-time based on our proprietary AI algorithms, which have trained across tens of billions of data points,” said Jim Löfgren, CEO of Nosto.
“As we expand our offerings to deepen the personalization experience, we are confident that we will improve the customer and brand relationship and drive increased sales for retailers. We’re grateful to our investors for their confidence in our growth and support in cementing our position as a leader in retail AI.”
The new funds will be used towards investments in Nosto’s machine learning core, omni-channel personalization and continued international expansion.
“The ecommerce market is growing strongly in Europe, Asia and the USA. To stand out from competitors, retailers need the support of smarter software and services. Nosto’s AI-powered personalisation platform for ecommerce is one of the world’s best. The platform significantly increases retailers’ net sales,” says Tesi’s Investment Director Keith Bonnici.
For additional information
Keith Bonnici, Investment Director, Tesi
keith.bonnici@tesi.fi
+358 40 179 9584
Jim Löfgren, CEO, Nosto Solutions Oy
jim.lofgren@nosto.com
+1 646 404 3585
Carole Ginman
Marketing Manager Northern Europe, Nosto Solutions Oy
carole.ginman@nosto.com
+46 708 860498
Media Contact (USA):
Heidi Davidson
Galvanize Worldwide for Nosto
Heidi@Galvanizeworldwide.com
(914) 441-6862
About Nosto
Nosto is the fastest growing ecommerce personalization and retail AI platform in the world. Supporting more than 2,500 retail brands in more than 100 countries, Nosto has fueled over 25 billion personalized experiences and delivered a gross merchandise volume (GMV) of more than $10 billion through its customer stores. Nosto’s end-to-end personalization platform provides deep customer insights that drive real-time personalized shopping experiences across any touch point and any device. Through its patented technology, proprietary machine learning algorithms, vast network of ecommerce data and dedicated customer success team, Nosto supports its retailers from its offices in New York, Los Angeles, London, Berlin, Paris, Stockholm and Helsinki. More information can be found at http://www.nosto.com/.
Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total €1.2 billion and we have altogether 700 companies in portfolio. www.tesi.fi, www.dtg.tesi.fi and @TesiFII