I am beyond excited to share with you that today ReviewTrackers has officially closed our Series B round of funding.
We have secured a $10M investment from Peakspan Capital, a growth equity firm based out of Silicon Valley and NYC. Phil Dur, a partner at the firm, reached out to me over two years ago. During the two years that followed, Phil has gotten to know our business intimately while establishing a strong relationship with myself and our board of directors. That relationship has ultimately grown and resulted in a significant investment in ReviewTrackers and our future.
This latest round of funding comes at an important time for brick-and-mortar businesses. Online reviews are driving more and more purchase decisions as 94% of consumers now say that a negative review has convinced them to avoid a business. The new funds will be allocated to strengthening ReviewTrackers’ core product offering, scaling sales and customer success teams.
I am so excited about accelerating our mission to help businesses take action today and predict tomorrow. This year we will surpass a significant milestone by helping 100k businesses deliver a better customer experience and grow their revenue.
ReviewTrackers was founded just over seven years ago. The company started out as a few people crowded around a single desk and is now an organization serving tens of thousands of businesses. Since that time, the company has helped small, medium, and enterprise businesses across many industries monitor their reviews and customer feedback. This round of funding will further solidify ReviewTrackers’ presence in Chicago and expand its workforce to drive future growth. We will be hiring over 100 people to support team growth in downtown Chicago.
“We’ve been following ReviewTrackers for over two years and in a world of empty product claims from noisy competitors, we’ve been super impressed with their exceptional ability to capture large volumes of reviews while synthesizing them into actionable insights,” said Phil Dur, Co-Founder and Managing Partner at PeakSpan Capital.
With consumers trusting online reviews more than ever, and businesses without adequate tools to manage them, we have a significant opportunity to step in and operationalize that process while driving significant revenue growth.
I want to thank our team and investors that have supported us over the past seven plus years. It has been an amazing ride so far, but we have so much more to go. Onward and upward!