RateIt, a real-time customer feedback platform, has secured US$5 million in a Series A round led by Singapore-based, B2B-focused Tin Men Capital.
It was also joined by existing investors Wavemaker Partners, veteran businessman and investor Koh Boon Hwee, PropertyGuru co-founder Steve Melhuish, and principals from Alto Partners and TPG.
The firm provides tools for businesses to manage customer experience, using ‘in-the-moment’ micro-surveys and digital feedback across multiple channels like emails and SMS.
Founded in Australia in 2016, RateIt is now headquartered in Singapore, citing the “current growth and future potential” of the Southeast Asia region for this move.
They have served global brands like Adidas, UOB and Fitness First, but now over half their revenue comes from clients in Southeast Asia, including LEGO, Maybank, and Metro, along with SMEs.
Here in Singapore, Gardens by the Bay is one of their success stories. RateIt helped them go from getting 200 feedback responses per month through paper survey forms, to getting 15,000 responses per month through digital channels—a 7,500% increase.
“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 RateIt Founder and CEO Michael Momsen.
RateIt says the new funds will help them rev up their go-to-market capabilities across Southeast Asia, while they deepen their operations and marketing in Singapore.
They also have plans to hire more for their customer-facing and product development teams in the region.
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