June 3, 2009
Investors, GRP Partners, Rincon Venture Partners, and Great Pacific Capital Lead Investment of $3.5 Million in Series A Funding for RingRevenue
Based in Santa Barbara, California, RingRevenue has reported that it had closed a deal giving the company $3.5 million in series A funding with GRP Partners, Rincon Venture Parnters, and Great Pacific Capital leading this round of funding. As part of the agreement, Commission Junction will use RingRevenueâ€™s platform to offer pay-per-call services to its affiliates.
RingRevenue provides a service for tracking phone calls and clicks to affiliate networks and advertisers to track transactions made by phone. The company has a patent-pending platform that uses a pay-per-call method to facilitate both online and offline publishers to make telephone-based promotional campaigns through RingRevenueâ€™s affiliated networks.
Commission Junction is a company that is owned by ValueClick and is a market leader in affiliate network advertising worldwide. Commission Junction believes in driving exceptional results, delivering a higher caliber service, and having long term sustainable relationships with both advertisers and publishers who use the companyâ€™s performance-based services. Commission Junction also partners with RingRevenue.
The founding team at RingRevenue is Jason Spievak, CEO; Robert Duva, CMO; and Colin Kelly, CTO. All three founders are all seasoned veterans of the telephone industry and have also started up other successful companies. Furthermore, along with this investment, Mark Suster of GRP Partners and John Greathouse will join the companyâ€™s board of directors.
According to Mark Suster, pay-per-call is an important marketing is a great opportunity for GRP Partners, because there is still over $300 billion generated in the US offline advertising market and 90% of this revenue is generated by pay-per-call campaigns. Furthermore, the platform that RingRevenue provides is unique in this market because it actually gives advertisers an online visibility for tracking the marketing campaigns in the offline market, which is still larger than the online market.
According to Jason Spievak, the fact that three large vc firms have led this investment is a testament to the marketability of RingReveueâ€™s platform. The team at RingRevenue is very excited to have such large vc firms, such as GRP Capital, Rincorn Venture Partners, and Great Pacific Capital on board.
According to John Greathouse, Rincorn Venture Partners invested in RingRevenues because the companyâ€™s management team has deep experience in managing millions of numbers and billions of calls. Furthermore, the founders of RingRevenue are second-time entrepreneurs and have experience in both the telephone and internet marketing industry and they have the stamina needed to found a successful company and make it expand into different markets.
GRP Partners was founded in 1996 and is a vc firm that has invested in some of the worlds largest brand companies. GRP Partners has offices in both Los Angeles and London and has about $1 billion under its management. Some companies in GRP Partnersâ€™ portfolio include Overture, BillMeLater, CitySearch, Costco Wholesale, OfficeDepot, PetSmart, JambaJuice, Starbucks Coffee, and others.
Rincorn Venture Partners is a vc firm that likes to invest in outstanding entrepreneurs who have the desire to build their ideas into successful large companies. The vc firm is based in Santa Barbara, California and mainly invests in companies located in Southern California who are in the software and internet industries. Some companies in Rincornâ€™s portfolio include BlueCasa, BrickFish, CADForce, Iconix, Packet Island, and others.
Great Pacific Capital is a vc firm that mainly focuses on early stage companies based in Santa Barbara and Ventura Counties in California. Great Pacific Capital supports a certain breed of entrepreneurs who can show the ability to build strong companies and have an aggressive spirit and strive for success. Some companies in Great Pacific Capital include BioIQ, Celerus Diagnostics, Procore, Sirigen, and others.
For more information on RingRevenue, click here.