Personalised retargeting company myThings has today announced new funding of $6m (£3.75m) that it is to invest in sales, marketing and research and development in Europe.
myThings, based in Tel Aviv, London and Paris, is behind retargeting technology that allows online retailers to target previous visitors to their website with personally targeted adverts as they browse the internet.
The retargeting process uses only information that does not identify individuals, and myThings’ clients include Price Minister, Republic, PIXMania, Karen Millen and Orange. myThings says conversion rates can run at more than 500%.
A recent comScore study found that retargeting provides the highest lift on search queries, raising the number of trademarks searched within the following four weeks by 1,046%.
The funding announced today is led by T-Venture, the Deutsche Telekom venture capital company, and also includes Accel Partners, Carmel Ventures, Dot Corp and GP Bullhound. It is the third round of funding for the technology company.
Benny Arbel, chief executive and founder of myThings, said: “We appreciate the vote of confidence for our technology and business model represented by the addition of T-Venture to our strong existing investors in this round of funding. With user intent driving the growth in online marketing, myThings technology is enabling our clients to retarget based on user intent and improve the performance of their campaigns.”
He added: “This round of funding will be used to scale our sales, marketing and research and development operations throughout Europe, to meet client and market growth.”