Welcome!

News Feed Item

Faraday Raises $880K Series A to Reinvent Customer Acquisition

MIDDLEBURY, Vt., March 20, 2014 /PRNewswire/ -- Faraday, a cloud software provider delivering better customer acquisition to the home improvement industry, announced today the close of a $880,000 Series A round of financing. The oversubscribed financing was led by FreshTracks Capital, with renewable energy services provider 3Degrees, seed-stage venture investor LaunchCapital, environmental opportunities focused investor ARB, and a number of individual investors including several cleantech executives also participating. Cairn Cross, Managing Director of FreshTracks Capital, and Richard Graves, Co-Founder and VP of Corporate & Business Development at Ethical Electric, joined the company's board of directors.

Faraday's software-as-a-service (SaaS) application improves its users' customer acquisition metrics by revealing the best strategies for winning new business. The application helps users generate targeting hypotheses, facilitates multi-channel outreach through a network of vendors, and tracks results to highlight the best-performing approaches. Also included is a predictive analytics engine that identifies customers most likely to convert.

In 2013 Faraday worked with seven clients in five states, analyzing over 800,000 households for their propensity to invest in home upgrades.

"One thing we've learned in the Big Data era is that there are no more rules of thumb, and that holds true with customer acquisition," said Andy Rossmeissl, Faraday's CEO. "We're helping our users discover what works for their businesses through very carefully managed, instrumented trial and error, leading to better customer conversion at lower cost."

Faraday's current customers come from the residential solar and energy efficiency industries, where the cost of acquiring a customer is 5–8 times higher than for other home improvements.

"3Degrees works with over a dozen utilities across the U.S. selling renewable energy to consumers. We believe there is great potential for the industry to reduce the cost of customer acquisition, and Faraday's approach shows true promise," said Dan Kalafatas, 3Degrees's CEO.

Faraday will use the funds to build out its team and launch the next generation of its platform. Coincident with the financing, the company hired Bill Morris as Lead Visualization Engineer and Tristan Davies as Front-end Engineer. Bill, a renowned web mapping expert, brings over a decade of experience in geospatial analysis and visualization to the company, while Tristan joins Faraday from his own successful online gaming company to lead the development of Faraday's web and mobile clients.

"During the last twelve months, Faraday has identified an important market pain point, developed an intriguing solution drawing from their experience with machine learning, and produced great early traction," said Cairn Cross, Managing Director at FreshTracks Capital. "We think Faraday could be the Salesforce.com of predictive marketing."

About Faraday: Faraday (faraday.io) brings the scientific method to customer acquisition. The company's software empowers consumer marketers to target, launch, and track experimental marketing campaigns and discover winning strategies for finding new business. Founded in late 2012 by the senior staff of the award-winning enterprise sustainability service provider Brighter Planet, the company is headquartered in Middlebury, Vermont.

About FreshTracks: FreshTracks Capital L.P. (www.freshtrackscap.com) is a venture capital firm based in Shelburne, VT with 3 funds and 28 portfolio companies.  Some of the firm's most notable Vermont investments include: EatingWell (acquired by Meredith), Vermont Teddy Bear, Draker Energy, NEHP (acquired by Critical Process Systems), Quirky and BuysideFX.  FreshTracks focuses its investment in private seed and early stage businesses, primarily companies in Vermont or in close geographic proximity to Vermont.  The firm was founded by Cairn Cross and Charlie Kireker in 2000, and is currently managed by General Partners Cairn Cross, Tim Davis & Lee Bouyea.

About 3Degrees:  3Degrees connects people with renewable energy on a massive scale.  3Degrees partners with utilities to offer green power options to 25 million customers and provides renewable energy certificates and carbon offsets to Fortune 500® companies, green building firms, utilities, and other organizations committed to sustainability.  A six-time winner of the DOE/EPA Green Power Supplier of the Year Award and certified B Corporation, 3Degrees is headquartered in San Francisco, California, with regional offices throughout the U.S.  To learn more, visit 3degreesinc.com.

About LaunchCapital: LaunchCapital (launch-capital.com) was founded in January 2008 with a mission to help entrepreneurs gain quick access to seed capital and mentorship. With investments in over 100 companies, LaunchCapital has a core focus in technology, consumer and medical businesses. The nine-person team has syndicated investments with over 50 venture firms and 1000 angel investors. They currently have offices in Cambridge, Mass., New Haven, New York City and Palo Alto.

About ARB: ARB is a private investment company that holds and manages a portfolio of private company, private equity fund and project equity investments. ARB invests in environmental opportunities that are responding to and benefitting from the economic realities related to climate change. ARB invests in renewable energy technologies and services, water technologies and services, waste to value, energy efficiency, biomass and biofuels, and sustainable agriculture.

SOURCE Faraday

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.