7 Billion People Banks $3M Series B

7 Billion People, a provider of web personalization software that drives increased conversions on e-commerce websites, today announced the completion of its second-round of financing, totaling $3 million. Austin-based venture capital firm SmithCo Investments led the round of funding, which will be used to expand sales and marketing efforts and to further enhance 7 Billion People’s software portfolio. With this latest funding, 7 Billion People has now raised more than $6 million.

“In this challenging economic environment, it is even more important for e-commerce retailers to maximize the opportunity to close every customer they bring to their website,” said Dan Smith, Managing Partner at SmithCo Investments. “7 Billion People’s unique approach to personalizing the web-shopping experience using behavioral science drives increased revenue for e-retailers without increasing traditional marketing expenditures. The rapid and proven ROI delivered to e-commerce websites made this a compelling investment.”

7 Billion People is the developer of MarketMaestro™ software that drives significant increases in online sales and e-commerce revenues. The software analyzes e-commerce customers’ website actions and derives detailed behavioral “Portraits” that contain previously unavailable information on how each customer prefers to experience the web-shopping session. E-commerce marketers can use this information to align outbound marketing and website personalization to increase conversion rates.

In addition to this investment, Dan Smith, Managing Partner at SmithCo Investments, and Kirk Lundblade of Extension Advisors, LLC will take seats on the 7 Billion People, Inc. board. “This investment, together with the additional expertise of Dan and Kirk as board members, substantially strengthens our reach into the marketplace,” said Mark Nagaitis, CEO of 7 Billion People, Inc. “Our behavioral software has already driven significantly increased revenues on e-commerce websites, and this investment will allow us to provide these benefits to even more customers.”

Dan Smith was CEO and founder of CreditCards.com, which he grew into an Inc. 500 company in a period of approximately five years before selling it in 2006. Dan has experience and expertise in managing a fast-growing enterprise and in successfully marketing innovative Internet technology to Fortune 500 customers.

Kirk Lundblade has 22 years of investment banking experience during which he has worked with over 100 start-up and early stage companies, assisting them with all aspects of raising capital and M&A transactions.

Posted by Bryan Menell http://austinstartup.com Bryan is the founder and Editorial Director of AustinStartup.com, which launched in 2005 by Bryan Menell. He is currently the Collaboratory Director at Dachis Group. Bryan advises a handful of early stage companies and is a Managing Director of Capital Factory. To read more posts click here.