Get Satisfaction Raises $6 Million in Series A Funding
Led by Azure Capital Partners, funding will help Get Satisfaction capitalize on growing momentum and continue its mission to build online communities that create meaningful conversations between companies and their customers.
San Francisco, Calif. – September 14, 2010 – Get Satisfaction, the community- building platform that brings companies and customers together in direct conversation to improve the support experience, develop better products and build brand loyalty, has raised $6 million in Series A funding.
Get Satisfaction was originally financed by O’Reilly AlphaTech Ventures (OATV), First Round Capital, SoftTech VC, Kapor Capital and Freestyle Ventures. This round was led by Azure Capital Partners (investors in VMware, BlogHer and Bill Me Later) with OATV and First Round Capital participating. Cameron Lester, General Partner from Azure, joins Wendy Lea, CEO, Thor Muller, CTO and Co-founder, and Bryce Roberts, Managing Director from OATV, on Get Satisfaction’s board of directors.
“Our investment in Get Satisfaction is based on a fundamental shift happening in the way that customers and companies interact on the web. Businesses of all sizes are looking for new ways to attract, engage and retain their customers through online conversations,” said Azure's Cameron Lester. “The Get Satisfaction community platform enables companies to directly engage with their customers across all types of social media, while amplifying their existing investments in customer relationship management systems.”
With the funds, Get Satisfaction will expand its team, accelerate product and market development and invest in strategic partnerships with digital agencies, CRM providers and distribution partners that serve the small to medium business segment.
“Our momentum from organic and word of mouth growth has been amazing,” said Get Satisfaction CEO Wendy Lea. “This funding gives us the resources to aggressively extend our worldwide reach to companies of all sizes, eager to engage with the empowered online customer.”
Get Satisfaction’s flexible platform helps companies address the fundamental challenge of social CRM: What do I do with thousands of friends, followers and fans? Exponential growth in the conversations between customers and companies on Facebook and Twitter makes it that much harder to derive value without effective organization of and participation in those conversations.
With Get Satisfaction, each customer expression (a search, tweet, blog post, website visit or Facebook “Like”) is a self-selected opportunity for customers to ask for help, share ideas, and give praise to brands they have passion about. Each form of expression is posted in the Get Satisfaction community and is an opportunity for peer to peer, as well as customer to company, engagement. Ultimately the engagement can be turned into actionable insight companies can use throughout product development, public relations, relationship marketing, brand management and customer service processes. The Get Satisfaction platform seamlessly connects with existing enterprise tools (from Salesforce.com’s Service Cloud to Zendesk) to make popular CRM solutions even smarter in today’s “always on” social world.
Since launching in 2007, more than 40,000 customer communities have been created in the Get Satisfaction network. Get Satisfaction customers range from small businesses to Fortune 500 companies like Zappos, Microsoft, Procter & Gamble, British Telecom, Mint.com (Intuit), and social web start ups like Foursquare and Stumble Upon. Tiered pricing and packages (starting from free) let businesses of all sizes choose the plan that best fits their needs.
In addition to unveiling new branding and a new website, Get Satisfaction announced key additions to the team, including the hiring of:
These high profile hirings reflect Get Satisfaction's unique position at the convergence of social and CRM, directly linking front-end social consumer engagement and brand development to existing customer relationship applications, like Salesforce.com, Parature and Zendesk.
About Get Satisfaction
Get Satisfaction is a simple way to build online communities that enable productive conversations between companies and their customers. More than 40,000 companies use Get Satisfaction to provide a more social support experience, build better products, increase SEO and improve customer loyalty. Get Satisfaction communities are available at getsatisfaction.com.
Azure Capital Partners is a venture capital firm with over $650 million under management. Azure invests in transformational technology companies such as Bill Me Later, VMware and BlogHer. More at www.azurecap.com.
Brian Blank FutureWorks (209) 303-2824 firstname.lastname@example.org
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