The firm’s software-as-a-service tool allows websites to test, target and personalise product messaging and marketing campaigns. By using the software, Monetate said, users can create personalised and targeted offers and promotions for website visitors, and simultaneously run campaigns and track their results.

First Round Capital, Floodgate Fund and other institutional investors led the funding round.

Josh Kopelman, managing partner at First Round Capital, said: “Monetate has gained unprecedented momentum in the ecommerce technology space, and its easy-to-use website testing, targeting, and personalisation technology is already employed by some of the world’s biggest online stores to dramatically improve conversion on their sites.”

Monetate was founded in 2008 by David Brussin and David Bookspan (pictured).