XGen’s personalization engine powers relevant, individualized interactions with online retailers’ customers to increase eCommerce revenue by 10% or more and enhance the user’s online experience. XGen increases marketers’ ROI on the $330B spent globally on digital marketing to power $3.5T of global eCommerce revenue, while being a leader in consumer data protection (collecting no personally identifiable information and being fully General Data Protection Regulation-compliant).
Florida Funders has invested in XGen’s $7.5MM seed round from the Florida Funders Fund 2, LLC. supporting XGen’s investment in product development and technology to fully automate its integration via leading eCommerce platforms and its expansion of its sales and customer support teams.
XGen’s AI-powered personalization engine delivers guaranteed double-digit revenue lift to digital marketers via fully-automated, easily implemented personalization technology
with zero-cost integration into the client’s eCommerce sites, with no configuration or coding required. XGen’s unique and proprietary technology uses a 1-to-1 event-based learning model that adapts in real time to how each consumer engages with a website, tailoring product recommendations to each user’s behavior on site. XGen uses insight based on unique customer behavioral data, as well as behavioral data of similar individuals, to deliver an enhanced user experience proven to increase client ecommerce revenue by 10% or more. The XGen engine learns from real-time user behavior and shopping patterns and can provide recommendations and predictions for products, content and social, and emails.
“ECommerce is growing rapidly and XGen is aligned with that macro trend. They’re the element missing in the eCommerce tech stack,” said Tom Wallace, managing partner at Florida Funders. “XGen is driving significant revenue increases for some of the world’s most recognizable fashion, jewelry and cosmetic brands, and their personalization approach to make an individual’s specific needs and preferences a priority is what both consumers and marketers not only want, but need.”
Florida Funders was also impressed by XGen’s founder, Frank Faricy, a passionate innovator who helped his sister build an eCommerce platform for her makeup brand. Together they grew sales from $0 to $1.2MM in just 3 months. Trading his equity in his sister’s company for capital, Faricy developed and launched XGen, leaders in consumer data protection in this space and placing client-consumer data trust at the forefront of both policy and innovation.
“At XGen, we are focusing on client results, as we’ve seen double-digit revenue growth across our current portfolios and a vast majority of our clients have seen a 20% lift in AOV by using our engine,” said Frank Faricy, Founder at XGen. “We’re excited to partner with Florida Funders and we’re proud to be part of the tech community in the Sunshine State. There’s no better place than Florida to grow XGen in this booming startup scene,”
XGen grew 400% in the most recent quarter. On average, clients experience an increase in sales upwards of 10% after implementing XGen’s unique personalization technology and, as a result, new clients are signing on at a rapidly accelerating rate. Clients include some of the top fashion and luxury retailers in the world, rapidly expanding into multiple verticals including retail and entertainment. XGen completed successful pilots in 2020 with small, innovative fashion and beauty brands including MSGM.IT, MMI.IT, Locks Lash, and KHAITE and recently has added several leading global brands to its client roster.
Florida Funders is constantly and actively looking to grow and add investors to their network. They have fully deployed their Fund 1 and are hard at work seeking new investment opportunities.