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TrustRadius Secures $5 Million in Series A Financing from Mayfield Fund to Transform the Way Businesses Buy Enterprise Software

TrustRadius Secures $5 Million in Series A Financing from Mayfield Fund to Transform the Way Businesses Buy Enterprise Software

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Published by: Crowdsourcing.org on Jul 17, 2013
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07/17/2013

 
In today’s day and age,would you buy a car or goon vacation withoutreading honest, detailedreviews? What aboutsoftware for your business?”
 July 15, 2013 02:32 PM Eastern Daylight Time
TrustRadius Secures $5 Million in Series A Financing from Mayfield Fund toTransform the Way Businesses Buy Enterprise Software
Renowned, Serial Entrepreneur and Top VC Firm Partner to Build Out Leading, Crowdsourced Review WebsiteDisrupting Multi-Trillion Dollar Market
AUSTIN, Texas--(BUSINESS WIRE)-- TrustRadius, which is reinventing the buying process for enterprise software through crowdsourcing, today announced that it has secured $5 million in Series A financing fromMayfield Fundto scaleoperations. The company also said that Mayfield Fund partner, Rajeev Batra, will join its board of directors. TrustRadius is the latest investment in Mayfields marketing software portfolio, whichincludes AgilOne, Gigya, Marketo (NASDAQ: MKTO), Moat, Newscred and Viralheat.Publicly launched in May by a serial entrepreneur renowned for introducing disruptivetechnology, TrustRadius provides enterprise software purchasers withauthenticated,objective, peer reviews of popular solutionsfor managing virtually every aspect of anorganization’s operations. Just as consumers use websites like Angie’s List, Yelp and TripAdvisor to get first-hand opinions from people like themselves, business technologybuyers now can tap TrustRadius to get high quality, crowdsourced feedback fromprofessional counterparts to guide their selection of mission-critical software.“We’re thrilled to collaborate with Mayfield, a leading global venture capital firm with a strong record of backingcompanies that have changed the way the world operates and, in the process, become industry leaders – 3PAR,Marketo, Solarcity and StorSimple, to name a few,” said Vinay Bhagat, Cofounder and CEO, TrustRadius. “Mayfieldshares our vision which is to empower enterprise technology buyers and users everywhere in a way that will foreverchange the way technology is bought and sold.”Prior to TrustRadius, Bhagat founded and was Chief Strategy Officer of Convio, widely recognized as the company thatchanged the way nonprofits fundraise through use of the Internet. One of the most successful technology companies tocome out of Austin in the past decade, Convio went public in 2010 and was acquired last year for $325 million.Although U.S. businesses spend nearly $3.8 trillion annually on enterprise technology and services, until now, they havehad to evaluate and select solutions based on biased and/or patchy information. This includes: sales pitches andmarketing materials from vendors under consideration; industry analysts’ reviews, which typically profile a sub-set of potential solutions and are not based on first-hand usage of the tools; free, marketing-driven reports rife with poorcontent and really used as bait to capture contact information for cold sales calls; and anecdotal feedback from friendsand colleagues.Alternatively, TrustRadius gives buyers access to objective, in-depth user reviews on hundreds of marketing, businessintelligence, sales, finance, HR and IT software products. Reviewers range from front-line, mid-level managers to C-level
TrustRadius Secures $5 Million in Series A Financing from Mayfield Fund...http://www.businesswire.com/news/home/20130715006232/en/TrustRadi...1 of 37/17/2013 2:03 PM
 
executives at all types of organizations, from start-ups to industry giants such as Dell and American Red Cross. Thereviews also cover implementation and usage to help buyers maximize their return on investment.With the Mayfield funding, TrustRadius plans to add staff, increase membership, expand its base of reviews and othercontent, and develop new features that deliver even more value to the company’s fast-growing community.“In today’s day and age, would you buy a car or go on vacation without reading honest, detailed reviews? What aboutsoftware for your business?” said Mayfield Fund’s Batra. “We are excited to partner with Vinay and his team to helpaddress this simple but very fundamental need. Software, big data and content are already transforming the marketinglandscape and enabling a new generation of marketers to connect with their consumers in an authentic and highlypersonal manner. Now, TrustRadius is emerging as the definitive community that will disrupt how businesses buyenterprise software and IT products.” TrustRadius is superior to competitive products because it offers:In-depth, structured reviews, not just star ratings.Because star ratings alone don’t provide sufficient insight forinformed decision making, reviewers follow a rigorous, online interview process with up to 40 questions. Seventy-fivepercent of reviews are long-form (an average of 650 words) with detailed feedback on support, training, usability,system performance, ease of implementation and more. Every review is checked by a TrustRadius analyst beforepublishing.Side-by-side product comparisonsfor easy apples-to-apples evaluation of products under consideration. TrustRadius isuniquely able to offer this tool because of the detailed information collected from the in-depth interviews.Community discussions on timely topics.In addition to reviews, TrustRadius hosts discussions about key technologyissues that help members find solutions to problems, compare solutions and learn best practices.Connection opportunities. If a member wants to talk to a reviewer for more information and perspective, TrustRadiuswill connect the two for a phone call via LinkedIn Connect.
 About Mayfield Fund
Mayfield Fund is a global, early-stage, venture capital firm with over $3 billion under management. During its 44-yearhistory, the firm has invested in more than 500 companies, 111 of which have gone public and over 150 have merged orbeen acquired. The firm is currently deploying Mayfield XIV, a $365 million U.S. fund, and Mayfield India I, a $110 milliondedicated India fund, and partners with GSR Ventures to invest in China. Mayfield invests in the mobile, cloud/SaaS,social, and big data areas. Recent successes include Marketo (NASDAQ: MKTO), Solarcity (NASDAQ: SCTY), Zenprise(acquired by Citrix), StorSimple (acquired by Microsoft), QuickOffice (acquired by Google), RedBeacon (acquired byHome Depot), and Wichorus (acquired by Tellabs). For more information, visitwww.mayfield.com.
 About TrustRadius
 TrustRadius is the leading website for professionals to share candid opinions on business technology products to helpeach other make the most informed decisions about which solutions to buy. The online community also provides guidanceon implementation and usage decisions. Site members share real-world insights through in-depth software reviews,discussions and networking. TrustRadius was founded by serial entrepreneurs renowned for disruptive technologyinnovation – Vinay Bhagat and Dave Hart, the Founder/Chief Strategy Officer and Chief Technology Officer, respectively,for Convio, which transformed the way nonprofits use the Internet for fundraising. To learn more, visitwww.trustradius.com.
rustRadius Secures $5 Million in Series A Financing from Mayfield Fund...http://www.businesswire.com/news/home/20130715006232/en/TrustRadi...of 37/17/2013 2:03 PM

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