Customer reviews, testimonials and online reputation management service provider RatePoint Inc. has raised $7 million in a recent investment round.
The Series C round of venture financing was led by Prism VentureWorks, 406 Ventures LLC and Castile Ventures.
"This funding round will provide us with more sales and marketing resources so we can continue to scale our business," says Neal Creighton, co-founder and CEO of RatePoint.
This most recent round brings RatePoint’s funding to a total of $23.5 million since the company was launched by the founders of GeoTrust Inc. in 2006. GeoTrust is a supplier of SSL, which stands for Secure Sockets Layer, and other services to help secure online transactions. GeoTrust was purchased by VeriSign Inc. for $125 million in 2006.
RatePoint provides small businesses with the chance to take part in the online review process by responding to unhappy customers or negative feedback before such comments are posted online. The company also verifies consumer reviews for authenticity so businesses know they are communicating with one of their customers, and helps small businesses to expand reviews to more potential customers by enabling posting of reviews on Facebook and Twitter.
“The RatePoint business model provides participation for both the customer and the business, which is the best case scenario for all,” says Jim Counihan, general partner at Prism VentureWorks. “We look to invest in companies that bring a truly unique approach to the market and RatePoint has done that very successfully. We are very confident the value RatePoint brings to small businesses will continue to drive its rapid growth.”
GoGreenSolar.com uses RatePoint to help manage its customer reviews program and monitor comments posted on social media sites and elsewhere. By including comments in a recent proposal to the CBS television network, GoGreenSolar.com beat out several other competing retailers to sell a whole house solar electric system that was featured on the popular game show "The Price is Right, "company CEO and founder Deep Patel says.