May 5, 2011, 1:26 PM

PowerReviews raises $10 million in venture funding

The consumer reviews platform vendor has raised $37 million since 2007.

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Consumer review platform vendor PowerReviews announced today that is has raised $10 million in a new round of funding. The company has raised $37 million in backing to date and says it will invest the new capital in product development and expanding sales.

78 e-retailers ranked in Internet Retailer’s Top 500 Guide use the vendor’s platform, including CSN Stores (No. 51), (No. 148) and Staples (No. 2). PowerReviews is the second-largest vendor of customer review services among e-retailers in the Top 500 Guide. Bazaarvoice counts 136 Top 500 e-retailers among its clients.

Four Rivers Group led the funding round and all existing investors, which include Menlo Ventures and Tenaya Capital , participated. A new investor, Woodside Fund, also took part. “PowerReviews’ seasoned team, pioneering technology and clear vision make it not only a major force in the social commerce space but also an ideal investment for our fund,” says Vince Occhipinti, Woodside Fund co-founder and managing director.

 “Today’s announcement of additional funding is validation of our rapid revenue growth and market leadership,” says Pehr Luedtke, CEO of PowerReviews. 

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