Ben Franklin’s Sidecar Raises 3.1MM in New Venture Capital
Keystone Edge | Elise Vider | July 10, 2014
Philadelphia’s Sidecar, an e-commerce startup, is on a roll.
The company recently announced that it has raised $3.1 million in funding, led by Osage Venture Partners. They join existing investors such as Ben FranklinTechnology Partners of Southeastern Pennsylvania which has invested $485,000 in two rounds.
Sidecar claims to be the first big data marketing solution to automate data-driven decisions for e-commerce companies, replacing traditional marketing technologies and agencies, saving countless in-house hours and eliminating wasted ad dollars. The company offers a proprietary technology built from the ground up — it combines paid search, product listing ads and comparison shopping engines using predictive automated technology; converts visitor engagement through personalized product recommendations; and retains customers through customized, merchandised emails.
“The conventional tools and agencies put retailers’ revenue at risk every day by requiring extensive human resources that cannot possibly keep up with constant and dynamic catalog and market changes,” says Sidecar CEO Andre Golsorkhi, who founded the business in 2010. Sidecar has since more than tripled revenues year-over-year, according to the company’s Fiona Scull.
Scull says the new funding will be used to grow Sidecar’s workforce — currently at 40 — by 30 percent. Sidecar also plans to grow its office space in Philadelphia, expand to satellite locations, continue the expansion of its marketing platform to add additional channels and ramp up customer acquisition.
The company already counts among its customers several Top 100 Internet retailers such as Newegg, Fanatics, RueLaLa and nomorerack.