PowerInbox has raised $6.5 million in a Series A round led by Battery Ventures, Genesis Partners and new investor Maverick Ventures. Previous investors also took part. New York-based PowerInBox provides personalized email technology for marketers, agencies and publishers.
PowerInbox Secures $6.5M A Round to Expand Dynamic, Live-on-Open Email Personalization & Monetization Products
Battery Ventures, Genesis Partners & Maverick Ventures Lead Investment to Fuel New Crop of Video, Social & Other Live Content Widgets for Email Proven to Drive Engagement and Revenue for Publishers & Advertisers
New York, NY, March 30, 2016 – Dynamic, real-time and personalized in email technology provider PowerInbox is announcing a $6.5 Million Series A Round today led by Battery Ventures, Genesis Partners and new investor Maverick Ventures, with participation from previous investors as well. In addition, PowerInbox welcomes Libby Novack, from Maverick Ventures, to its board.
The funding is being used to accelerate the growth which PowerInbox experienced in 2015, when the company saw an increase of 700% in emails where PowerInbox code was inserted, 1,400% growth in impressions and 2,000% growth in revenue. The company is now embedded in over 2.5 billion emails sent a month from over 500 email newsletters and optimizes over 30,000 different pieces of content per day.
During 2015, PowerInbox added over 100 new clients such as Hearst, Edmunds, Sephora, General Motors, MSG, Showtime, HBO, and others to its DynamicMail, email marketing solution and CNN, ABC, Wiley, Bonnier, Beyond, New York Magazine, Bauer, Myspace, and others to its RevenueStripe, content recommendation solution.
“After PowerInbox demonstrated strong growth from both the DynamicMail email marketing solution and the RevenueStripe in email content recommendation ad network, we’re excited to increase our investment in PowerInbox to support the company’s product and go-to-market strategy to intelligently and efficiently scale its business,” said Scott Tobin, General Partner, Battery Ventures and a Director at PowerInbox.
The new funding will be used to support new dynamic content widgets for DynamicMail, including personalized images & video, real-time Instagram, Twitter, & RSS feeds, weather, timers and tickers, plus many more. The use of these dynamic components in email usually leads to at least 30% increase in conversion and can be integrated through a self-service portal. DynamicMail is ESP agnostic and works across all devices and email services.
These same innovations are included in RevenueStripe, the content recommendation platform for email. Publishers can now monetize using video, geo-targeting and unique experiences such as pop-up windows. On average, publishers see above $3 RPM (revenue per thousand opens) with a 100% fill rate. With the growth of targeted online content recommendations, RevenueStripe’s self-service solution will create a more vibrant marketplace for advertisers and publishers who are interested in running their content in email newsletters that currently reach over tens of millions of users.
“We’re always looking for more value-driven content,” said Landy Ung, Co-Founder and CEO, 8coupons. “The PowerInbox RevenueStripe’s easy and seamless implementation with our existing ESP was a risk-free monetization opportunity for our email campaigns.”
With the funding earmarked for sales, product development and marketing, PowerInbox expects to double in size by adding new hires, including the recently hired VP Marketing Renee Chemel who brings nearly two decades of B2B marketing and lead generation experience to the company.
“This round from both new and existing investors is a vote of confidence for the revenue and customer growth PowerInbox has delivered in the last 18 months,” said Jeff Kupietzky, CEO, PowerInbox. “This funding will enable PowerInbox to efficiently and effectively scale our business with real product innovations.”