January 7, 2009
Customer Feedback Company Secures $10 Million In Venture Funds
Based in Needham, Massachusetts, online customer feedback and reputation feedback company, RatePoint secured $10 million in Series B venture funding from Castile Ventures. RatePoint is a company that creates online applications that allow companies to rate their customer service quality by customer feedback and managing their online reputation. RatePoint is currently working on a patent-pending platform that allows companies to manage their online reputation by easily capturing, managing, and promoting consumer reviews directly on their websites in the consumer�s own words. The company verifies the reviews from the consumer for authenticity before it goes online. This new platform will provide businesses with the opportunity to respond to unsatisfied customers. Further more, this suite offers a whole variety of tools for email marketing and surveys along with a web-based management interface that would make it easy for businesses to connect with customers and improve sales worldwide.
According to Neal Creighton, CEO of RatePoint, the fact that this round of venture funding comes during these current difficult financial times is a testament to the rapid growth of the online reputation market and that RatePoint�s product is the catalyst for this new market. Moreover, small businesses need to proactively manage their online reputation and to know what customers think of their products. This is especially true in an extremely competitive marketplace.
More inspiration for RatePoint�s funding came about when the Gartner Hype Cycle for Social Software Report had named RatePoint as an effective company at delivering solutions that are critical monitoring online reputations. The report also states that businesses have a great deal to lose if they do not manage their online reputation and allow consumers to give feedback about their products.
According to Nina Saberi, Managing General Partner of Castile Ventures and member of RatePoint�s Board of Directors, RatePoint has created a unique service for small businesses to manage and enhance their online reputations. The vc firm believes that RatePoint has a vision and is leading in a new industry of the new age.
This venture funding is being funded by several vc firms. Castile Ventures has been one of the original investors in the company, however other investors include 406 Ventures and Prism VentureWorks. Castile Ventures is one of the top performing vc firms that provides venture funding and strategic guidance to help outstanding entrepreneurs build successful businesses. Castile Ventures has a unique blend of sector expertise and investment knowledge. The vc firm was founded in 1998 and has invested in companies that produce a broad range of products and services to meet the ever-changing technological needs of businesses.