Customer-reviews provider PowerReviews gets $15 million in funding
PowerReviews, a provider of technology that lets online retailers display customer-generated product reviews, has received $15 million in additional financing. Lead investor is Lehman Brothers Venture Partners.
This marks the second round of investor financing for PowerReviews, bringing its total to more than $21 million, a spokeswoman says.
Andy Chen, CEO and co-founder of PowerReviews, says the company will use the funds to continue developing its review technology and to promote its Buzzillions.com shopping research portal, which provides links to retailer buy pages.
“Working with these top-tier investors gives us the resources to further support the increasing demand for our innovative, tag-based product reviews solutions as well as create market awareness that Buzzillions is the best place to research products online, and the first place to start the shopping process,” Chen says.
Joining Lehman Brothers in the current round of financing are Menlo Ventures and Draper Richards. Menlo Ventures and Draper Richards provided PowerReviews’ initial round of financing valued at $6.25 million.
PowerReviews provides its review technology at no charge to retailers that share review content on Buzzillions. It also offers retailers the option of paying for its technology if they decide not to offer their content to Buzzillions.
Buzzillions, which launched in April 2007, contains more than 400,000 reviews on 125,000 products listed on more than 1,000 e-commerce sites.
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