Innovation Warehouse is the brand behind the brands, an investment ecosystem known less for hype and more for the impact and influence of its successful alumni.
One such success story was the pioneering predictive marketing start-up, Yieldify. Founded in 2011 by brothers Jay and Meelan Radia, Yieldify entered Innovation Warehouse as an unassuming pair of entrepreneurs with some ambitious ideas about online remarketing and graduated following a substantial fundraise. They have, to date, raised $17.5 million.
Early on, Yieldify addressed a challenging and increasingly vital area of e-commerce: how to optimise customer journeys and squeeze more sales from website visitors.
Specifically, Yieldify disrupted the space of website abandonment. Companies had previously attempted to convert customers abandoning their carts by retargeting them with follow-up emails to complete their purchase. Yieldify took the journey one step further, aiming to convert customers that were leaving a site without having made a purchase at all.
The start-up created a unique algorithm that monitored users’ website behaviour based on mouse movements, speed and user behaviour. When a visitor moved their mouse to leave the site, the algorithm picked up this interaction and presented them with engaging overlay messages, tailored depending on the user’s behaviour and buyer interests.
“Ninety percent of visitors to your average shopping website don’t buy anything,” Jay Radia told TechCrunch in 2015. “Right now, there is still a big lack of engagement.”
Yieldify is now an international outfit with offices in London, New York and Sydney. The founders discovered Innovation Warehouse through one of their investors, opting for the space because of the buzzy atmosphere and unique support available in house.
In Radia’s words, Innovation Warehouse was essential in catering to their growth needs. When they needed a larger space at the Innovation Warehouse, there was always someone to help and ensure that their needs were accommodated.
Radia recalls the value of the advice and guidance offered by the mentors at Innovation Warehouse as well as the introductions to investors. Moreover, being in the space attracted a greater interest in their business as there was a “greater assurance that you’re doing something right”.
Now used on more than 1,000 websites globally and with backing from both Google Ventures and Softbank Capital, Yieldify helps some of the world’s leading brands, including Marks and Spencer, French Connection, Steiner Sports, Omni Hotels and Anthropologie.