E-commerce platform provider Nosto has picked up a $17m loan from the European Investment Bank to help with product development and region expansion.
Nosto’s Saas platform helps retailers create personalised online shopping experiences, partnering with over 25,000 e-commerce professionals in more than 100 countries. The product helps retailers deliver the right ads to each customer, through personalised product recommendations on websites, mobile apps, emails and social media ads.
The capital will be used to boost product innovation and research, as well as helping to expand the platform across EMEA and the US.
Nosto will also hire more staff across its offices in Helsinki, New York, London, Stockholm and Berlin. The company is set to open an office in Los Angeles later this year.
Nosto founder Juha Valvanne said, “We have developed a breakthrough SaaS platform that makes it easy for retailers to deliver personalized shopping experiences to every individual across all touchpoints.
“This is an exciting stage in our company’s growth and we’ll continue to focus our capital and energy on building a great product to empower retailers to succeed. This funding allows us to further innovate and continue our mission of connecting people with products across their entire shopping journey,”
This investment brings the company’s total funding up to around 25m, with Nosto’s last funding coming in a $5.5m Series A in 2015.
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