Canadian accelerator grad (Extreme Startups / HIGHLINE portfolio) Granify, a software as a service (SaaS) company that improves e-commerce conversion rates, has announced that it has raised a $9 million (CAD) Series A from Peter Thiel’s Valar Ventures. Existing investors iNovia Capital, and Social Starts, as well as unknown angel investors, also participated in the round.
Granify is based in Edmonton and develops technology that helps e-commerce retailers predict in real-time, with over 95 percent accuracy, whether a high-intent shopper will or won’t buy. Granify is also able to predict why that shopper will not buy, and show a contextual message to influence their decision via the company’s “revenue optimization platform.” Granify notes that its system analyzes over two trillion behavioral data points each month.
“We’ve been tracking Granify for the past couple of years and have been impressed with the way they’ve nailed product-market fit,” said James Fitzgerald, a partner at Valar Ventures. “With this current round of funding, the company is positioned to bring its proven conversion tools to the world’s largest e-commerce businesses.”
Granify has clients in 19 countries and will use the funds to accelerate its plans to support retailers by “converting more visitors into customers.”
Jeff Lawrence, CEO of Granify, stated, “Our mission is simple: increase your revenue by helping more visitors buy from your site. We should only be compensated for our success in achieving this mission.”