RateIt raises US$5M to expand its real-time customer feedback solutions in SEA
Singapore-headquartered startup RateIt, which provides a real-time customer experience management platform for different global brands, has secured US$5 million in Series A financing, led by local VC firm Tin Men Capital.
Other participants in the round include Wavemaker Partners, Koh Boon Hwee, Steve Melhuish (Co-founder of PropertyGuru), and principals from firms such as Alto Partners Multi-Family Office and TPG Growth.
RateIt will use the money to expand the team, rev up its go-to-market capabilities across Southeast Asia, while deepening its operations and marketing in Singapore.
RateIt has expanded its presence beyond Australia to Southeast Asia, and over half of its revenue now comes from the region. The current growth and future potential of the SEA market has driven RateIt to move its headquarters from Australia to Singapore.
Founded in 2016 by Michael Momsen, RateIt empowers global brands to provide better customer experiences and deliver customer-centric growth.
According to the company, traditional methods do not give companies the data needed to know what their customers think and feel on a granular, real-time basis, nor do they allow for data to be presented in a digestible, actionable way by those that need it most — the front line.
Whereas RateIt’s platform combines dynamic, omni-channel MicroSurveys, with real-time sentiment analysis tools, to provide businesses the insights they need to improve their customer experience.
The firm’s clients include Adidas, UOB, Fitness First, 7-Eleven, Pandora and MasterCard.
Murli Ravi, Co-founder of Tin Men Capital, said: “RateIt focuses on helping companies hear the voice of their customers in real-time and without loss of depth. This is a long-standing problem for marketing, operations delivery, sales and customer service departments.”
“RateIt’s traction over the past 18 months, acquiring hundreds of clients across SEA, Australia and the UK with a barebones sales team — including firms such as 7-Eleven, Pandora and MasterCard — showed us that Michael had created something special. We see synergies between RateIt and other Tin Men portfolio companies, as well as immediate potential with our firm’s go-to-market partners across SEA,” Ravi added.
“We constantly hear how organisations are striving to become more customer-centric, but struggle to know if they are executing on that promise at every moment. RateIt’s unique in-the-moment offering is a quick and easy way to listen to customers in a whole new way without the need for long annoying surveys that inevitably end up as long annoying powerpoint decks,” said Momsen.