Helsinki-founded e-commerce personalisation startup Nosto has raised $7.4 million in a funding round led by Tesi, OpenOcean, and Idinvest. The company plans to use the capital injection to fuel its international expansion and further develop the machine learning core of its product.
Nosto is a comprehensive solution for e-commerce companies that analyses customers’ behaviour on different channels—website, social networks, etc.—and offers personalised recommendations. The company states that the “clients using Nosto are averaging a 22 percent increase year over year GMV [gross merchandise volume] compared with the industry average of 14 percent.”
So far, Nosto has raised a total of $25 million in venture funding. The startup claims to be working with over 2,500 retail brands in 100 countries. It also has offices in Helsinki, Stockholm, London, Berlin, Paris, New York, and Los Angeles.