Windsor Circle raises $5.25 million
08/12/2014 12:13 PM
08/12/2014 12:14 PM
E-commerce technology company Windsor Circle has raised $5.25 million in new funding to further capitalize on the traction it is gaining among online retailers.
The new infusion of cash will enable the 26-employee company to hire about a dozen workers in the next several months – and likely more beyond that, said co-founder and CEO Matt Williamson.
“We have aggressive growth plans on the revenue side and on the team side,” Williamson said. “We are staffing up to go take advantage of the market opportunity we see in front of us.”
The Durham-based company’s software helps online retailers boost their business from repeat customers by analyzing purchase history and behavior and then using that information to automate customer loyalty and product recommendation programs. Windsor calls it retention automation.
Windsor boasts that its software enables online retailers, on average, to boost revenue from repeat customers by 20 percent year-over-year.
The three-year-old, privately held company’s revenue tripled last year, Williamson said. Today its nearly 200 retail clients include Spangler Candy (the maker of Dum Dums), Bonobos and CoffeeforLess.com.
The new funding will be used for product development as well as boosting Windsor’s sales and marketing efforts.
The venture capital arm of Comcast, Comcast Ventures, led the funding. Others who participated in the round include Triangle-based IDEA Fund Partners, Triangle Angel Partners and Steve Case, the founder of AOL.
Windsor previously raised $2.4 million in funding.
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