Having grown up in a family of local business owners, I knew there was an opportunity to help them streamline their online marketing initiatives. Namely, the way they connect with high quality customers online and track these people in-store. I began working on Privy in 2011 and was lucky enough to find some amazing cofounders: Jake Cohen, Farrell McClernon and Josh Gan. They've helped guide us to where we are today and, along with the rest of our incredible team, we're now making a tremendous impact on brick and mortar businesses around the country.
Privy enables local businesses like restaurants, salons, and others to finally understand whether customers who find them online actually spend money in-store. By making it easy to publish in-store promotions across the web, consumers register for the specials and redeem in-store with their mobile phones. This enables our clients to attract high intent customers and build deeper relationships with those customers through personalized remarketing.
Marketing managers at multi-location businesses spend long hours and increasing dollars building online presences like websites, mobile sites, facebook pages, twitter followings and more - and for good reason: 78% of consumers turn to the web before deciding on buying locally. Yet, local businesses struggle to capture this interest, the moment of a consumer's highest intent, and convert it into real, in-store customers. That's where we come in.
Our mission is to help these marketers turn consumer intent into relationships that can be nurtured into loyal customers and raving fans. There are more than 2,000,000 brick and mortar brands that would benefit from using our product. We have a lot of work to do to make the kind of meaningful impact we all foresee in this space, and we're well on our way.
So, I'm excited to officially announce we just closed a $1.7M round with participation from Atlas Venture, 500 Startups, John Dais (VP Finance at Wildfire), Mike Volpe (CMO of Hubspot), Justin Kitch (founder of Homestead), Ralph James (former COO at First Marblehead), Jere Doyle (founder of Eversave), John Goscha (founder of IdeaPaint), Sierra Maya Ventures, Genie Bottle Ventures and more amazingly supportive angel investors.
We are now ACTIVELY hiring. Proceeds from the round will be used to grow the engineering team and begin to scale marketing and sales. We're also excited to be moving into a brand new headquarters in downtown Boston, right next to South Station.
To see the TechCrunch announcement, click here.