Bluecore Raises $ 125 Million Series E With $ 1 Billion Valuation As Ecommerce Personalization Grows – TechCrunch

During the pandemic, especially when we were locked in, almost all retailers had to build their online presence and do it quickly. As people move to buying online in bulk, being able to personalize that experience has become more crucial. That made the pandemic a crucial moment for Bluecore, an e-commerce personalization platform, and today the company announced a $ 125 million Series E with a $ 1 billion valuation.

Existing investor Georgian led the round with participation from other existing investors, FirstMark and Norwest, along with new investor Silver Lake Waterman. Today’s investment brings the total raised to $ 225 million, according to the company.

Until relatively recently, Bluecore CEO and co-founder Fayez Mohamood says that retail reach was primarily about driving traffic to physical stores or the company’s website, but as more business is conducted online, it has changed the way brands have to interact with their customers.

“We believe in that change, and Bluecore is a multi-channel personalization platform specifically for retailers, and we basically combine three types of data. First is the identity of the customer. The second is the behavior of the buyer. And then third and most importantly, a retailer’s product catalog, and with that we drive personalized cross-channel experiences, ”explained Mohamood.

The company was founded in 2013 and since then the notion of personalization has been able to evolve significantly. Mohamood says that the pandemic really pushed things into the digital realm where the strength of their company resides and that is one of the main reasons they are accepting this funding.

“Personalization has always been important, but I think the value that retailers can derive from it has accelerated dramatically as digital has become an increasing part of everyone’s income stream. And over the last year, that became even more critical, ”he said.

As the company’s growth has accelerated, so has hiring. In May 2020, Bluecore had 236 employees, today it has more than 300 and is expected to exceed 400 by the end of the year. He says that as the company grows, diversity and inclusion are a crucial component for the employee base to reflect the diversity of the customers they serve.

“It starts with the executive team, so I am very proud of the fact that on our executive team almost half of our team is female. We have a committee that is represented by the core employees which is a Diversity, Equity and Inclusion committee where we have thoughts and ideas and, most importantly, actions on how we can build a better diverse and inclusive workplace. And that translates into OKR, ”he said.

As a multi-billion dollar E Series company, Mohamood may see going public at some point, but it’s not an immediate goal as it seeks growth over profitability. “The way we think about it is that we have this brand that will help us invest in our product capabilities, our leadership capabilities, and our go-to-market capabilities to build something that has the ability to [be a public company some day]. Having said that, we pursue growth and, if that’s the goal, we find that staying private helps us achieve it, ”he said. And with $ 125 million on the runway, the company has a lot of freedom to take its time.

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