Andover, MA-based SeeWhy has raised a second round of funding from most of its current shareholders, adding $2 million to the $4.5 million it secured earlier this year. The company plans to add additional investors alongside those investing in this round through 2010.
The startup markets tools that help ecommerce sites and online retailers up their conversion rates by giving them the opportunity to automatically or manually try to make people who were close to purchasing goods or services on their website but left the process before completion, for whatever reason, come back and finish the cycle.
SeeWhy refers to this concept as ‘re-marketing’ or ‘re-conversion’ and claims rapid follow-up of people who drop out of the buying process can increase conversation rates up to 50%. True or not, I think it’s an interesting idea, particularly for vendors who have the resources needed to follow up those guilty of ‘abandonment’ practically in real-time.
The company’s suite of products is named Abandonment Tracker, is entirely SaaS-based, and comes with a free version with a limited feature set so website owners can test the waters before going pro. Companies like Mastercard, Diageo, Radware and eCourier.co.uk are some of SeeWhy’s current customers.