elicit Adds Chicago Ventures to its Series A Investment Group
4/25/2014 – Chicago – elicit, a software as a service (SaaS) company that designs technology to help marketers easily improve on-site search conversion – has added Chicago Ventures as an investor, raising its total Series A funding to $2.025 Million.
“Chicago Ventures partners, Kevin Willer and Stuart Larkins, bring deep knowledge and experience in search marketing to the business,” said Eric Heneghan, co-founder, elicit. “Both have helped customers realize the importance of search, at Google and Performics respectively.”
“Marketers spend so much time, effort, and resources getting potential customers to their site and then many times lose the opportunity because of a poor site-search experience” said Kevin Willer, co-founder and partner, Chicago Ventures. “elicit is laser-focused on solving this problem, and their technology is being used by big brands because it simply works.”
“Many customers’ first on-site interaction is the search box,” said Adam Heneghan, co-founder and President, elicit. “Until now, search has been an algorithm-only solution that has lived in the domain of IT. The search box is at the intersection of need and opportunity and elicit capitalizes on that moment to the benefit of both customer and marketer.”
elicit was developed by Eric and Adam Heneghan, two web and eCommerce veterans. The Heneghans have more than twenty years of experience creating online solutions and web applications for Fortune 500 companies, including GM, Procter & Gamble, United Airlines, Kellogg’s, Hallmark, Motorola, and others.
elicit works directly with brands – including Xerox, Whirlpool, Goodyear, Time Warner Cable, KitchenAid, Bank of America, Maytag, CME Group, BlackBerry, GGP, Huggies and Dunlop – and partners with agencies to ensure that media ends at conversion. Rishad Tobaccowala, Chair Digitas LBi and Razorfish, adds,”elicit meets a consumer and marketer need while driving incremental revenue with pure simplicity.”
“These guys have addressed a problem that is increasingly on a marketer’s radar,” said John Elton, Greycroft Partners. “CMOs are realizing, ‘my search is broken.’ After spending time and money to attract visitors, marketers now have the technology to get them over the finish line and make them customers.”
Through the implementation of elicit, customers benefit from immediate and measurable results by leveraging their on-site search box in their media efforts. elicit has increased customer satisfaction scores by as much as 20% and reduced site abandonment by 50%.
elicit will use the additional funding to expand the company’s marketing and sales efforts. elicit’s investors also include Greycroft Partners, First Round Capital, ff Venture Capital and Lazerow Ventures.
elicit increases conversion rates and effectiveness of on-site search through the combination of algorithmic and curated search results. Founded by Eric and Adam Heneghan, thought leaders in the interactive space, who have two decades of experience in building top-tier sites and web services for Fortune 500 companies. For more information please visit the elicits website at http://www.elicitsearch.com.
About Greycroft Partners
Greycroft Partners is a leading early stage venture capital firm focused on investments in digital media. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, successfully bring their products to market, and build successful businesses. Greycroft manages $400MM and has made over 90 investments in leading companies including Babble, Braintree, Buddy Media, Collective, Huffington Post, Klout, M5 Networks, Maker Studios, Paid Content, Pulse, and Trunk Club. For more information please visit the Greycroft Partners website at http://www.greycroft.com.
About Chicago Ventures
Chicago Ventures is a seed stage venture fund focused on catalyzing and partnering with the next wave of innovative technology ventures in Chicago and the Greater Midwest. Chicago Ventures partners with startups to provide them with their first round of institutional financing and works with them to achieve success. For more information please visit the Chicago Ventures website at http://www.chicagoventures.com