Retentics successfully raises $900K in pre-A bridge round.
Fridays Lab, operating the Customer Retention Solution Retentics has raised $900,000 in Pre-A Bridge funding from Silicon Valley based investment.
Jun 22, 2023
FridaysLab successfully closes in a pre-A bridge funding round. The funding was leb by existing investors Primer Sazze and Valon Capital for the follow-up funding. Also the head of Allbirds Korea, who is one of Retentics User also participate in a new individual investor. This brings the total funding for FridaysLab to $3 million, including previous rounds.
FridaysLab operates "Retentics," a hyper-personalized recommendation solution designed to boost customer repeat purchases. The service seamlessly integrates with Shopify, allowing for hyper-personalized recommendations based on purchase data. Its primary clients are e-commerce companies both domestically and internationally. It has been confirmed that the Retentics service has increased the conversion rate of Customer Relationship Management (CRM) messages by 1.8 times and the Customer Lifetime Value (LTV) by 4 times.
In the first half of this year, FridaysLab expanded its operations into overseas markets, particularly in the United States. They rebranded their service as "Retentics," reflecting its focus on retention analytics, and successfully acquired local clients, including prominent direct-to-consumer (DTC) brands based in California. FridaysLab emphasizes that as long as there is customer data, their service can be easily utilized, making it highly scalable in the global market. They are determined to strengthen their position in the DTC industry.
Jae Woo Park, the head of Allbirds Korea, joined as a new investor after becoming a client of the Retentics service. Park praised Retentics as a powerful AI service capable of performing customer pattern analysis and automated marketing without the need for specialized data personnel. He expressed his belief that FridaysLab is a team capable of solving the challenges of understanding and utilizing customers in the highly competitive e-commerce market.
Zack Lim, the CEO of FridaysLab, highlighted that even small businesses without dedicated marketers can easily implement sophisticated CRM marketing strategies through Retentics. He emphasized their commitment to enabling companies of all sizes and industries to gain a fair competitive advantage by leveraging data.
Overall, FridaysLab's successful funding round and the growing adoption of their Retentics service demonstrate their ability to provide effective solutions for customer retention and personalized marketing in the e-commerce industry.
Written by. Ssong Kim
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