Berlin startup RetentionGrid wins SoundCloud founders as investors

Michelle Kuepper 2014-02-12 1

It might not be the most recent financing news but Berlin SaaS startup RetentionGrid has now revealed it closed a €520,000 seed funding round in September 2013. Led by Connect Ventures, angel investors including SoundCloud founders Alex Ljung and Eric Wahlforss also contributed to the funding round.

Founded in April 2013 by Kevin Dykes, David Anderson, Karsten Rieke, and Sandy Hathaway, RetentionGrid offers a customer retention service for eCommerce SMEs. Aimed at non-technical companies, the startup works by mining mass data from a company’s customer base to determine which customers are most likely to buy again and what they’ll want to purchase.  The company then automatically sends retention campaigns to individual customers.

Initially launched on eCommerce platforms Tictail and Shopify, RetentionGrid plans on expanding to the BigCommerce platform this month and other platforms within the first half of 2014. It will also introduce an API to allow all eCommerce sites to work with RetentionGrid, regardless of whether they are built on a platform or not.

Commenting on the investment, Wahlforss said: “Companies that offer solutions to really big technology challenges appeal to me most from an investment perspective, and RetentionGrid does just that. RetentionGrid is one of the first in the world to make the complexities of data mining, predictive analytics and machine learning understandable at-a-glance and easy to navigate for a single end-user.”

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