Type Private Website www.yieldify.com Founded 1 June 2013 | Founders Jay Radia
Meelan Radia Headquarters London, United Kingdom | |
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Industry Conversion rate optimization
Predictive analytics Key people Jay Radia (CEO)
Richard Sharp (CTO) | ||
Yieldify is a marketing technology company that uses predictive marketing to track and optimize conversion rates for e-commerce companies. Yieldify was founded in June 2013 by brothers Jay and Meelan Radia. The company is headquartered in London and has offices in cities around the world, including New York, Munich, Porto, and Sydney.
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Yieldify raised $11.5 million (£7.3 million) in a Series A funding round with Softbank Capital and Google Ventures Europe. Yieldify was one of the first three companies backed by the £80 million Google Ventures Europe fund, which launched in July 2014, and one of only six companies backed before Google merged its European VC arm into its global investment fund. Before its Series A funding round, Yieldify had raised $1.2 million in a seed round from investors including Hoxton Ventures and Robin Klein.
After two years in business Yieldify became one of the fastest-growing tech start-ups in UK history as of December 2015 and was one of Europe's fastest growing SaaS businesses in 2014, with revenue growth of 480%.
The company has expanded to several markets, opening a new office in Sydney, Australia in 2013, an office in New York in 2014, and a technology development hub in Porto, Portugal in 2015. The Porto hub team focuses on developing the company's predictive marketing algorithm.
In 2015, co-founder and CEO Jay Radia was selected to be part of the Financial Times' Euro Tech Top 10 Under 30.
In 2016, Yieldify was named and shamed by the UK Government for failing to pay national minimum wage to staff.
Business model
Yieldify is part of the conversion rate optimization and predictive marketing industries. Their approach is to use a combination of data analysis and behavioral science to create a more personalized shopping experience. The software collects data on user behaviour, dwell time and browsing activity and matches this data to offers and products to suggest personalized deals to shoppers.
Awards
Yieldify was entered into Tech City UK's Future Fifty list of the UK's top 50 fast-growth digital startups.
The company was voted Industry Choice of Publisher at the 2015 Performance Marketing Awards.
Litigation against Bounce
In 2015, New York-based competitor Bounce Exchange filed a lawsuit against Yieldify, accusing the company of copying its code and infringing on its patents. Yieldify denied the allegations, but did change its code after Bounce's initial complaint.
With the first case still open, Bounce filed a second lawsuit in April 2016, repeating the initial allegations and adding some of Yieldify's customers as defendants. Yieldify countersued Bounce Exchange, accusing its competitor of infringing on a patent that was not originally Yieldify's but was purchased by Yieldify from Intellectual Ventures.
Due to the lawsuits against Bounce Exchange, Yieldify laid off 10% of its employees.
The two companies reached an undisclosed settlement in July 2016, with Yieldify accepting it had copied the code.