Nosto, a Helsinki, Finland-based personalization software solution for online retailers, secured $17m in funding.
Backers included Wellington Partners, Open Ocean Capital and The European Investment Bank.
The funds will be used to accelerate Nosto’s continuous product innovation and research program and to accelerate its expansion within the US and EMEA regions, as well as entry into new markets.
Led by and Matti Rönkkö, CEO, Nosto enables online retailers in over 100 countries to deliver their customers personalized shopping experiences at every touch point, across every device, through the use of real-time, targeted product recommendations.
By analyzing hundreds of thousands of data points in online stores to build a deep understanding of every customer in real-time, Nosto’s patented technology empowers retailers to deliver the right product ads to the right users at the right time through personalized product recommendations on websites, mobile apps, emails and social ads.
The company supports its customer base including leading brands such as Twinings, Jack Daniels, Everlast and Volcom from its offices in Helsinki, Berlin, Stockholm, London and New York.
Additionally, Nosto will open its Los Angeles office in the fall to strengthen its support in the US market and will be recruiting skilled professionals.