One For The Future
User Replay, a start-up which acts as a “black box recorder for e-commerce sites”, has secured $4.7m Series B funding in a deal backed by Longwall Ventures alongside existing investors Episode 1, EC1 Capital and FSE.
The business has also announced that it has secured over $350,000 from the government-backed innovation agency Innovate UK.
Based in Reading, User Replay develops cloud software technology which enables its customers – e-commerce companies – to understand and analyse every visitor journey made through a website.
Companies using the User Replay session replay technology can then use these insights to improve conversion rates, find and fix site bugs, resolve customer disputes and so on.
It plans to use the investment, which follows its $3.2m Series A round in October 2014, to expand further in the US and speed up its product innovation.
User Replay CEO, John Thompson, has said the round brings the company’s total funding to over $10m:
“Sales have grown rapidly since our last round of funding and our cash position was already strong, but we chose to raise further funds now to accelerate product development and to build on our growing presence in the US market. We expect 2016 to be a key year for the CEM space, and we now have the resources to properly exploit an exploding market.”
On its investment, Michael Penington, partner at Longwall Ventures, added:
“We chose to invest in User Replay for the potential it has to gain sizeable market share in a rapidly growing industry. CEM software within the e-commerce industry is set to grow exponentially.”