Last year we found out Reevoo, the online customer reviews startup which had looked like it was slowing down, was actually signing up partners and getting traction. Today it announces a Series B round of funding from existing investors, though terms were undisclosed. The funding has been secured from existing investors Eden Ventures, Banexi Ventures and business angel Andrew Phillipps. The expansion capital will be used to grow faster across Europe and adding social functionality.
A Series B funding is usually in the range of £8-10m. Prior to this Reevoo had raised over £7m. That means Reevoo is clearly confident of making it in the long term and becoming a pretty big business, although there is also the chance this is a “down round”, which is never great for the founders.
Last year it secured an undisclosed round of investment from Banexi Venture Partners, the French leading venture capital firm that originally backed Kelkoo, while existing investors, including Eden Ventures, also participated. It was doing £500,000 worth of transactions a month with partners like Tescos, Orange and Dixons and had launched a French portal. It’s since added Hotpoint, Sharp and Toshiba (joining Brother, Cannon, Indesit, Kodak and Kaspersky) to supply post-purchase, customer reviews for their European e-commerce sites. Although there are plenty of sites that let you review products, like Ciao and Amazon, only Reevoo confirms you actually bought the product before you review it.
Reevoo was co-founded by Ben Griffiths, Guy Logan and Richard Anson in 2004, but only Anson, CEO, now remains. It says it has over 1 million reviews from verified purchasers across 75,000 electrical products, displayed over 60 million times per month. Working with Sony, it recently launched functionality that enables shoppers to read reviews in any language
It also has relationships with publishers such as The Telegraph, Future Publishing and IDG. The business now supports over 180 retailers, manufacturers and publishers across Europe.