Utah-Based Tech Company, MarketDial, Raises $7.5 Million to Supercharge Brick-and-Mortar Retail
SALT LAKE CITY : In 2016, MarketDial started out as a two-person team on a mission to provide brick-and-mortar retailers with software to bring online-quality tools to their offline businesses. Two years, many customers and more than 20 employees later, MarketDial has closed a $7.5 million Series A with Crosslink Capital leading the round.
The leadership team at MarketDial understood what additional funding would mean for the company, which is why it was important to find the right partner. As soon as the team found Crosslink Capital”a Silicon Valley-based VC that has invested in companies like Pandora, Coupa, Ancestry.com and Omniture”it became apparent that the two companies had aligned visions for MarketDial.
"We are excited to partner with the MarketDial team," said David Silverman, a partner at Crosslink Capital. "We have a strong conviction about the core of MarketDial's business. What the company has done to date is impressive, and we are excited about building the future of MarketDial together."
Kickstart Seed Fund, Peterson Ventures and Silicon Valley Bank also participated in the funding. Before this round, MarketDial already had the necessary funds to continue adding new customers and growing the team; however, the additional funds will accelerate the progress and overall growth of the company and its product.
"We are grateful to Crosslink, Peterson and Kickstart for recognizing and supporting the vision of MarketDial," said Morgan Davis, CEO of MarketDial. "Not all VCs have experience investing in advanced analytics”especially in retail. We found the team at Crosslink to be supportive from day one in helping us build the business."
Brick-and-mortar retail is experiencing a major change. The mission of MarketDial is to help retail businesses adapt to these changes by providing online-quality testing tools to evaluate what is and is not working in stores.
MarketDial offers a cloud-based A/B testing software that is used by retailers to test and analyze their hypotheses. The software has a simple design that helps increase the overall usability and reduces the need for additional tools and support. Creating a test using MarketDial's platform can be done in minutes through six, simple steps. Once a test is created, the software requires minimal inputs from the user and provides flexible, customizable reporting and analytics.
"Many of our customers were blindly allocating large budgets until they started using MarketDial," said Davis. "If we can continue to help our customers use their budgets to innovate and grow that is a big deal to us. What we are doing at MarketDial has the potential to increase the short-term and long-term success of brick-and-mortar businesses."