Yroo Announces $11 Million in Funding
BALLSBRIDGE, Ireland, August 11, 2016
Yroo, the world’s most powerful search engine for smart shoppers, announced it has secured a total of $11 million in seed funding from private investors. Additionally, Margaret Nelligan, partner with Aird & Berlis LLP, and Nick Zhu, CTO of Yroo, have joined the company’s board.
Yroo will use the funds to invest in customer acquisition and retention in order to drive more click-throughs and purchases for merchant partners. The company will also continue to invest in development of its intelligent shopping search tool. The Yroo platform is currently growing by an average of 15,000 registered users per day, primarily driven by peer-to-peer recommendations.
“Yroo has focused on smart and lean growth from day one,” said James Cunningham, CEO of Yroo. “We are already delivering a superior shopping search experience to consumers, expanding globally and driving impressive revenue for our merchant partners. This latest round of funding will further accelerate our development and evolution.”
The announcement comes as Dublin, Ireland-based Yroo wraps up a first half of 2016 marked by impressive user growth, and on the heels of a successful beta program and international expansion in 2015. Yroo has more than 10 million users of its proprietary, intelligent social shopping search engine that shop, collect and share from over 100 million products from over 7,000 merchants. The Yroo platform helps consumers discover, compare and purchase items from the largest catalog of retail items across the globe.
“Most e-commerce shopping trips begin with a search, but shoppers’ needs are underserved by the current search platforms and shopping aggregators on the market,” said Walt Macnee, executive vice chairman of Mastercard. “Yroo is fully equipped to continue delivering a superior shopping experience to consumers, and offering more merchants, products and promotions than any other shopping site.”
Margaret Nelligan will bring her experience as a leading corporate finance lawyer to Yroo while Zhu, who has an extensive background in IT consulting and systems development, will continue to drive the company’s technological vision. They join current board members Gordon Cunningham, chairman of London Life Insurance Company and founding partner of Cumberland Private Wealth Management; David Galloway, former Chair of the Bank of Montreal (BMO) and former CEO of Torstar Corporation and Harlequin; Peter Sharpe, former president and CEO of The Cadillac Fairview Corporation; Walt Macnee, executive vice chairman of Mastercard; Sean St John, executive vice president, managing director and head of fixed income, debt and equity capital markets at National Bank; John Staines, COO and global director of sales at Yroo; and James Cunningham, CEO of Yroo.
Yroo is the world’s most powerful search engine for smart shoppers, enabling shoppers to discover, research and buy from the largest collections of products, stores and promotions available anywhere. Yroo offers its users a seamless search experience and empowers them to shop more than 100 million items from over 7,000 merchants all in one place. Currently, Yroo is actively transacting in over 35 countries across North and South America, Europe and Asia with its seven market-specific catalogs and eight supported languages.