AI-DRIVEN PLATFORM RAISES $13.75M: Custora, a customer analytics platform for brands and retailers, has raised $13.75 million in a Series B funding round led by General Catalyst. The round includes participation from existing investors Foundation Capital and Greycroft.
Custora said it helps retailers grow revenue and increase the customer lifetime value through a better use of AI-driven customer insights. The platform allows clients to personalize online and offline communications and use its aggregated data from disparate sources to deal better with retail challenges such as one-time buying and over-reliance on promotions. It counts seven of the top 20 retailers as clients. Customers include J. Crew, Tiffany & Co., Uniqlo and Kenneth Cole.
Corey Pierson, cofounder and chief executive officer of Custora, said, “The leading retail brands are building the capabilities to better understand their customers and use those insights in new and exciting ways. We call this ‘Customer-Obsessed Commerce’ and Custora was built to help companies make this transformation.”
TJ Papp, vice president of digital/e-commerce at Kenneth Cole, said, “Creating a connection for shoppers who purchase our products inspires customer loyalty and success,” adding that Custora has helped the company deepen its customer analytics capabilities.