If you’re an online e-commerce business looking for a growth hack, upstart Namogoo wants you to consider the hidden opportunities in your own website.
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Herzliya, Israel-based Namogoo claims that 15 to 20 percent of all web sessions are “hijacked” with unauthorized product recommendation and pop ups, diverting a customer from one site to a potential competitors. To solve this problem, and help customers gain more retention and thus more revenue, Namogoo has raised a $40 million Series C.
The round, announced today, was led by Oak HC/FT. Participating investors include GreatPoint Ventures, Blumberg Capital, and Hanaco Venture Capital. Total funding for the company is now $69 million, per a blog post.
While I never heard of this vertical, to date, the startup, founded in 2014, says it has helped clients gain over $575 million in online revenue in H12019, impressively enough.
What It Does
The core of Namogoo is targeting “customer hijacking.” For example, if you’re shopping for a certain sneaker brand on a website, you may see an unauthorized advertisement pop up for a competitor brand. Namogoo, citing this as a distraction and loss of potential customers, offers a SaaS layer to help stop potential diversion.
It has a patented machine learning technology that identifies the ads and blocks them in real time as pages render, “protecting over 500M web sessions weekly for top online retailers.” In addition, it offers visibility in real-time into the third-party services running on their site. In fact, the company claims it can instantly lift client’s conversation rate by 2 to 5 percent.
Currently, it offers a free “diagnose your ebusiness” option.
A sure fire way to save money in-house seems like a lucrative, easy-to-sell option to e-commerce businesses.
Right now, Namogoo is used by more than 150 global brands in over 38 countries, including Tumi, Asics, Argos, Dollar Shave Club, Tailored Brands, Upwork, and others.
Illustration: Li-Anne Dias