- Reputation.com, a provider of the first and only complete cloud-based enterprise reputation management, announced it raised $30 million.
Reputation.com — a provider of the first and only complete cloud-based enterprise reputation and customer experience management platform — announced it raised $30 million in recent equity financing. This is Reputation.com’s second round of funding since it pivoted towards an enterprise business as the company sold off its consumer business in early 2018.
And this is the second round led by Ascension Ventures — which is at a significant premium to the last financing. Akkadian Ventures, Industry Ventures and River City Ventures as well as Reputation.com’s prior investors Kleiner Perkins, August Capital, Bessemer Venture Partners, Heritage Group and Icon Ventures also joined this round.
“In today’s Feedback Economy, we’re seeing growing demand among brands in every industry for innovative ways to manage and take action on ‘Data in the Wild’ — the unstructured customer sentiment data that lives outside of NPS surveys,” said Reputation.com CEO Joe Fuca. “Brands can’t rely on private surveys anymore, as more than 70 percent of consumers use information from reviews and social media to make purchasing decisions. As the leader in the ORM space, Reputation.com delivers the only platform that can gather and analyze feedback from all channels — structured and unstructured — collectively, providing actionable insights that lead to impactful CX improvements.”
Reputation.com is now used by 3 of the top 5 automotive OEMs and more than 10,000 auto dealerships in the US alone with a growing base in Europe. Plus more than 250 healthcare systems including 3 out of the top 5 and over 100 leading property management firms use the platform. And Reputation.com is also gaining traction with other industries, including financial services, hospitality, and retail services.
“Ascension Ventures is excited to deepen its partnership with Reputation.com as it enters its next critical stage of growth,” added Ascension Ventures managing director John Kuelper. “We’ve watched Reputation.com’s industry-leading reputation management offering grow into an even more expansive CX platform. We’re seeing some of the world’s largest brands and service providers achieve terrific results by partnering with Reputation.com to analyze and take action on customer feedback — wherever it originates — at scale and in real-time. We’re excited to make this additional investment in Reputation.com as it continues to grow and expand its market leadership.”
Reputation.com’s proprietary Reputation Score is also recognized by many as the next-generation NPS and de facto standard for measuring customer sentiment. As expressed as a number between 0 to 1,000, the Reputation Score is calculated using its patented technology and proprietary algorithms that collect and analyze data relevant to all factors influencing the health of a brand’s reputation.
This round of funding comes as large enterprise brands like AutoNation, Banner Health, Hendrick Auto, Banner Health, and others are using Reputation Score as the one true measure of customer success. For example — over the July 4th holiday — AutoNation set up a series of successful TV commercials that touted their high Reputation Score and emphasized their focus on customer satisfaction.
“Reputation management has always been a priority to our business and continuing to lead within our industry is really a testament to each of our 26,000 associates who do everything to create a best-in-class experience for our customers,” explained AutoNation EVP and CMO Marc Cannon.
Reputation.com’s momentum is also fueled by the company’s strategic partnerships and innovation. The company’s platform approach enables customers to consolidate multiple CX applications into a single environment over time by unifying fragmented sources of customer feedback and enabling increasingly more sophisticated. And this platform approach has led to the company’s net revenue retention rate growing 124% over the last year. And Reputation.com continues to forge strategic alliances with brands like Google, Facebook, JD Power, Amazon.com, and web.com.