OfferFit, a Boston, MA-based marketing technology company, raised $25M in Series funding.
The round was led by Menlo Ventures with participation from Ridge Ventures, Canvas Ventures, Harmony Partners, Alumni Ventures Group, Carbide Ventures, Burst Capital, as well as Capital One Ventures. JP Sanday from Menlo Ventures has joined the board, with Alexander Rosen from Ridge Ventures joining as an observer.
The company intends to use the funds to scale while also investing in product development.
Led by CEO George Khachatryan, OfferFit provides an automated experimentation platform that helps enterprises accelerate testing and learning. It uses reinforcement learning, a type of machine learning also called self-learning AI, to help marketers deliver business value from their first-party data on existing, identified customers. OfferFit works with brands in telecommunications, energy, retail, travel, and financial services, among others. Customers include MetLife, Foxtel Group, and Brinks Home.