January 12, 2009, 12:00 AM

RatePoint secures $10 million in funding and adds a new board member

Venture firm Castile Ventures leads new funding round for the online reputation management firm.

RatePoint, which provides online customer feedback and reputation management tools and services, has secured $10 million in funding. The new round, which includes funds from existing investors, is led by new investor Castile Ventures. Nina Saberi, managing general partner of the venture firm, has been named to RatePoint’s board of directors.

RatePoint`s platform allows businesses to manage their reputation online with functionality that captures, manages and promotes consumer reviews and feedback on their web sites. The platform verifies reviews for authenticity and gives business managers the opportunity to respond to negative feedback before it’s posted online. The platform also offers e-mail marketing and online surveys.

According to Neil Creighton, CEO of RatePoint, the ability of the company to secure funding in the current economic climate is an indicator of the growing importance of online reputation management and RatePoint’s position. “Small businesses realize the need to proactively manage what’s being said by customers about their products and services online, especially in a highly competitive marketplace,” Creighton says.

Saberi calls RatePoint “a unique service that enables businesses to manage and enhance their online reputations. As investors in market-transforming businesses, Castile recognizes in RatePoint the vision and differentiated technology that positions them for leadership in this new market.”

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