Finnish personalized-sales service Nosto has announced that they have hauled in $5.5 million from Wellington Partners, with participation from current investors Open Ocean Capital, Sanoma Ventures, and Finnish funding-agency Tekes in a Series A round.
Back in April 2013, Nosto raised a $2.8-million seed round from Open Ocean Capital and Sanoma Ventures and they are back for more in order to bolster their plans for global expansion.
The company, which launched almost a year ago in October 2013, claims more than 1,200 online retailers as clients and says that more than 1.8 million personalized-recommendations have been made through the service.
The platform developed by Nosto is a familiar one if you have shopped online, as they offer personalized recommendations based on the visitor’s activity. They recommend items customers may also wish to purchase, indicate what others have bought, send emails to customers who have not visited recently or have not completed their purchase, and so on.
Online-shoppers may already be familiar with these features from shopping on sites such as Amazon, but Nosto aims to help retailers of all sizes compete with personalized recommendations.