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...