MyStrands Social Recommendation Developer Raises $24 Million in Series B-2 Funding.
Discovery, Personalization, and Real-Time Recommendations Key to Company’s Growth
Corvallis, Ore, Dec. 4th, 2007.-
MyStrands, a leading developer of social recommendation technologies, today announced that it has secured $24 million in its Series B-2 round of funding. Spanish bank BBVA led the funding along with existing investor Debaeque. The last round of funding closed in June at $25 million, bringing the total capital raised to date to $55 million. MyStrands will use the funds for product development and business expansion.
"We're excited to have BBVA as a key backer because they endorse our vision to lead the personalization industry in developing technologies that help people discover things they like, but didn’t already know about,” says Francisco J. Martin, chief executive officer of MyStrands.
In the past four years, MyStrands has developed a scalable Personalized Discovery Platform and a Social Recommender Engine. The Social Recommender Engine provides real-time personalized recommendations of products and services through computers, mobile phones, and other Internet-connected devices; and takes into account that taste is context-sensitive and evolves over time.
These two developments have already resulted in sales of $12 million during 2007.
“The future of the Web is personalization and MyStrands’ recommendation technologies are leading the way in summarizing and understanding people’s preferences, thereby giving people content that is relevant to them,” says Manuel Castro, innovation director of BBVA. “These new funds will allow the company to grow to the next level of product development.”
MyStrands develops technologies to better understand people’s tastes and help them discover new things they like and didn’t know about already. For more information, please visit www.MyStrands.com/corp.
BBVA is a financial services group with more than $782 billion in total assets, 42 million customers in 40 countries and a market capitalization of approximately $95 billion.
The BBVA Group maintains a leadership position in Spain, Mexico, and Latin America, and has started a growth and diversification strategy in the Asia and the United States, where it recently bought Compass for approximately $9.6 billion.
Debaeque is an independent venture capital firm, based in Barcelona since 2001 it is dedicated to investments in Telecommunications and Life Sciences. Debaeque has a unique and distinguished focus in the field of investment with a special emphasis on generating business in their portfolio companies.
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