Rebuy, Inc., a Minnesota ecommerce company that uses a data-driven approach to increase average order value for Shopify users (AKA it helps vendors sell more stuff), has raised $4.4 million in growth capital from Peterson Ventures and Sidekick Partners. Before outside funding, the company (founded in 2017) was self-funded.
“We are thrilled to earn the backing of Peterson Ventures and Sidekick Partners. Their support will help us continue to empower merchants of all sizes to accelerate growth with onsite personalization,” John Erck, Co-founder and CEO of Rebuy, said in a release. “A big differentiator for us is our API-first approach. For example, our personalization engine works perfectly with headless sites, a fast-emerging category in ecommerce. And numerous third-party apps have built on our API. This means more functionality and growth for merchants.”
Once a Shopify user integrates Rebuy to their platform, the service uses AI to provide product recommendations, post-purchase follow-ups, and more to shoppers, the company says.
MINNEAPOLIS, Dec. 15, 2021 /PRNewswire/ — Rebuy, Inc., an omnichannel personalization platform, today announced that it has raised $4.4 million in growth capital from Peterson Ventures and Sidekick Partners. Founded in 2017, the company was self-funded before accepting outside financing.
“Ecommerce brands are looking for the best tools to scale their revenue and automate their processes,” said Taylor Jones, Principal with Peterson Ventures. “By offering merchants the ability to easily offer personalized shopping experiences and intelligent product recommendations, Rebuy has built a product that delights consumers and drives high value for ecommerce merchants. After merchants integrate with Rebuy, they will immediately see an impact to their average order value and overall revenue. Rebuy is quickly establishing itself as the leader in this emerging ecommerce enablement category.”
Online sales have grown as a result of unprecedented demand since 2020. As consumers come to expect more from ecommerce stores, personalization has become an essential part of the online shopping experience. To stay competitive, brands are seeking to transform their default website into an intelligent online store that offers personalized shopping experiences to every customer. Rebuy, exclusively available to merchants on Shopify and Shopify Plus, empowers merchants to create personalized shopping experiences using AI-powered product recommendations, post-purchase follow-ups, and more.
Once integrated, merchants typically see their average order value (AOV) increase by 5% up to 20% and beyond. Some shops are generating > 15% of their total revenue from Rebuy.
“We are thrilled to earn the backing of Peterson Ventures and Sidekick Partners. Their support will help us continue to empower merchants of all sizes to accelerate growth with onsite personalization,” said John Erck, Co-Founder and CEO of Rebuy. “A big differentiator for us is our API-first approach. For example, our personalization engine works perfectly with headless sites, a fast-emerging category in ecommerce. And numerous third-party apps have built on our API. This means more functionality and growth for merchants.”
Rebuy has expanded from its core offering as a repeat order app to include a full suite of onsite personalization solutions that include marketing tools, personalized reorder pages, a post-purchase offer engine, and a custom shopping cart. Today, the company powers onsite personalization for 2,700+ Shopify merchants. Rebuy powers many of the biggest and fastest-growing direct-to-consumer brands, such as Primal Kitchen, Fanjoy, Something Navy, and Magic Spoon.
“Rebuy is an emerging leader in ecommerce enablement due to the strength of the product and deep integrations with industry stakeholders,” said Dylan Schuler, Principal with Sidekick Partners. “The results clients realize speak for themselves and Rebuy has grown rapidly without external investment by sharing in their customer’s success. With this new funding, the company will help even more merchants grow their ecommerce businesses.”
The funding follows 12 months of rapid growth in which Rebuy tripled its annual recurring revenue and more than doubled its customer base. The company is cash-flow positive and processes more than 2 billion requests per month and has analyzed over $6 billion in merchant transactions.
Rebuy plans to use the new capital to rapidly grow its engineering and sales teams and expand and accelerate its product roadmap. The company also aims to grow its partner network with top marketing agencies and ecommerce consultants via a new partner program launched earlier this year.
Founded by two developers-brothers in 2017, Rebuy empowers Shopify stores of all sizes to offer personalized shopping experiences designed to increase conversions, boost average order value (AOV), and retain more customers using data-driven upsells, cross-sells, and post-purchase follow-ups. Trusted by thousands of top retailers worldwide, including Something Navy, Fanjoy, and Primal Kitchen, Rebuy’s powerful technology is redefining data-powered shopping experiences. For more information, visit rebuyengine.com.
ABOUT PETERSON VENTURES
Peterson Ventures, located in Utah and the Bay Area, is a founder-first seed-stage venture fund that invests in consumer and enterprise SaaS startups. The Peterson Ventures portfolio consists of over 95 companies and the firm has over $200m in assets under management. Consumer portfolio investments include brands it believes are reinventing the way consumers live and shop, like Ethos and Allbirds. Enterprise portfolio investments include SaaS platforms like Lucid Software and Loop, leaders in the future of work and ecommerce enablement. Peterson Ventures is the 10-year-old venture arm of the 20+-year-old Peterson Partners platform, an independent investment management firm with over $1B in assets under management and investments across a variety of alternative asset classes. Connect with Peterson Ventures via www.petersonventures.com.
ABOUT SIDEKICK PARTNERS
Sidekick Partners (www.sidekickpartners.com) is a U.S.-based venture firm with an extensive track record of partnering with innovative, high-growth consumer and technology start-ups, including FIGS, Ring, Everlywell, DailyPay, Halo Top, and others. Sidekick Partners represents a group of highly strategic investors, including successful entrepreneurs, private equity investors, and senior corporate executives. Sidekick Partners will utilize its deep network in the consumer and technology industries to help Rebuy expand in North America.