MyThings, which provides personalised retargeting services, this morning announced that it has raised $6 million in their third round of funding. The financing round was led by T-Venture, Deutsche Telekom’s venture capital arm, with participation of previous backers Accel Partners, Carmel Ventures, Dot Corp and GP Bullhound.
MyThings, founded in 2005, claims its technology is capable of increasing return conversion rates of online retailers by more than 500%. Its proprietary optimisation technology is currently being used by leading European retailers such as Price Minister, Republic, PIXMania, Etam and Orange, and its total reach is said to surpass 1 billion monthly impressions these days.
What myThings’ platform does basically comes down to facilitating serving personally tailored ads to website visitors in real-time, based on a range of performance-enhancing variables. It all boils down to retargeting, an increasingly popular means of online advertising whereby a retailer’s website visitors are effectively ‘retargeted’ while they browse the Internet, using non-personally identifiable information to match relevant ads with people.
Deutsche Telekom says it got involved with the company because its own strong presence in digital media ; the company says its web properties are visited by some 27 million unique users per month, and they also own InteractiveMedia, a marketer of digital media in Germany.
MyThings was founded by CEO Benny Arbel, former Associate Vice President for multi-billion dollar NASDAQ-100 company Comverse, and has raised a total of $19 million to date.
The fresh capital will be used to scale myThings’ sales, marketing and R&D operations throughout Europe. The company’s main offices are located in London, Paris and Tel Aviv.