UK e-commerce conversion specialist Yieldify has selected Porto as the location for its new office, branding Portugal’s second-largest city as one of the fastest-growing tech hubs in Europe.
The company informs PerformanceIN that it became interested in Porto as a base for its new engineering and product development centre after seeing growth in the city’s exporting of tech-related products and services.
Yieldify plans on recruiting 40 engineers and designers for the Portuguese office to work on its various predictive marketing solutions, which help brands convert users through methods including on-site remarketing and email.
The opening of the Porto office comes off the back of Yieldify raising $11.5 million in Series-A funding earlier this year. It also adds to existing bases in New York, Berlin and Sydney, as well as a HQ in London.
Yieldify’s move into Porto is being reported as a real coup for the city, garnering plenty of coverage from the local trade press following the promise of job creation.
The office will be positioned at Porto’s Science and Technology Park at the university of Porto (UPTEC), home to over 150 start-ups who export to around 120 countries worldwide.
However, a spokesperson from Yieldify tells PerformanceIN that Porto is still finding its feet as a tech city, which would hint at plenty of growth to come.
Issue breeds opportunity
Yieldify’s tech is used by brands such as French Connection and Marks & Spencer to gauge where and why users abandon their purchases online.
With shopping cart abandonment costing retailers billions in lost revenue every year, the company has piggybacked on what has become a growing issue for e-commerce firms around the world.
In January 2015, Yieldify announced a 411% increase in revenue year on year as well as the launch of its 10,000th campaign, and the company is optimistic about progress being made at the new office.
“Yieldify is a champion of innovation and disruption and the city of Porto, which is home to one Europe’s fastest growing tech hubs, embodies these core values,” commented Meelan Radia, who with brother Jay co-founded Yieldify back in June 2013.
Clara Goncalves, executive manager of UPTEC, has seen first hand just how much Porto’s reputation as a tech city has evolved in recent years.
“Portugal is quickly becoming a centre of technological innovation, with tech knowledge exports growing by 30% in the last six years.
“We’re delighted to welcome Yieldify’s new tech hub on our campus.”