Marketing tech firm bags $8M venture capital boost

Indianapolis-based marketing technology firm SmarterHQ has landed another $8 million in venture capital, spearheaded by an investment fund launched by local retail behemoth Simon Property Group Inc.

Simon Venture Group led the round of financing, which also included heavyweight tech VC firm Battery Ventures and individual angel investors. Simon’s venture group was founded in 2014 to invest in firms that apply technology to the shopping experience in innovative ways.

With the $8 million round of financing, SmarterHQ has corralled more than $20 million in venture financing since 2014, the firm announced Monday. Boston-based Battery Ventures, which also invested in local firms ExactTarget Inc. and Angie’s List Inc. before they went public, led a $7 million round in early 2014.

SmarterHQ was founded in 2010 as Smarter Remarketer. It focused on figuring out why online shoppers would visit a retailer’s website but not buy anything,  then determined strategies to better appeal to those shoppers and bring them back.

It since has broadened its services to a digital platform that helps retailers market to their shoppers through multiple channels, such as in-store, Web, mobile and email. It uses data collected on shoppers to make sense of customer behavior and customize the shopping experience.

Its client roster includes Eddie Bauer, Finish Line and eBags. The firm changed its name and appointed a new CEO within the last year.

SmarterHQ currently employs 65 workers and plans to expand its workforce with the new investment infusion, as well as grow its marketing platform. It has not set any immediate employment goals.

“The reality is, we will hire as soon as we can find the right talent to join the team,” CEO and President Michael Osborne said Monday.
 

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