Helsinki-based Nosto Solutions announces it has raised €2.2 million in a seed round led by Open Ocean Capital, Sanoma ventures, and a number of angel investors. It's a big number for a company that has just popped up on our radar here in Helsinki. Nosto is still somewhat in stealth mode, and produces an e-commerce marketing solution that gives a platform-independent marketing features for e-sellers. Currently Nosto employs 12 people in the Nordics, UK, and Germany, and their first customers include Angry Birds, Intersport, and Huuto.
The founding idea behind the company is to bring Amazon-like features that drive more dollars through product marketing, or to retain lost sales. These features include personalized content and triggered emails that get sent if a item is left in a cart, but not purchased.
We asked why Nosto didn't build their own complete e-commerce platform if they see such a large market gap that needs filling, but CEO Juha Valvanne tells us that they're just focused on the marketing aspect. The founders of Nosto all have over 10 years of experience in the e-commerce field and they see value in bringing a platform independent solution to SMEs.
With the funding, they're going to continue to invest in the team and growth, and secure proper offices in their remote locations, which include London, Berlin, and Stockholm. Unlike many startups that seem to put the U.S. next up on their list, Nosto is targeting Europe's fragmented market of midsized e-retailers that fill their own niches, rather than the consolidated U.S. market.
You can find more information on their press release.