E-commerce technology company Windsor Circle has raised another $950,000 to accelerate marketing, hire additional employees and move into new office space.
Founded in 2011, Durham-based Windsor Circle announced Thursday it has raised funding from Triangle-based Idea Fund Partners, Triangle Angel Partners and Bruce Boehm, a former general partner at Silicon Valley venture capital firm U.S. Venture Partners
The privately owned company has raised more than $2.4 million in funding to date and projects that its revenue and clients will both expand by more than 200 percent this year.
The company currently has a dozen employees and plans to add at least 7 more.
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The plan is “getting them on board as fast as we can and using that to grow faster,” said Andrew Pearson, vice president of marketing.
Windsor’s software helps online retailers boost their business from repeat customers by analyzing purchase history and behavior and automating customer loyalty and product recommendation programs.
“We have been pushing really hard on this idea of retention automation,” said co-founder and CEO Matt Williamson.
Williamson said that online retailers who send out promotional emails to customers typically end up with between one-half and 1 percent of recipients making purchases. But some retailers using Windsor’s software have boosted their “conversion rate” to between 5 percent and 6 percent.
In January the company plans to move into new office space in the American Underground’s Underground @Main facility at 201 W. Main St.
Staff writer David Ranii