PowerReviews scores $35 million investment
Chicago – July 9, 2014 – PowerReviews, a leading provider of ratings and reviews and questions and answers technology to more than 1,000 brands and retailers, announced today that it has secured $35 million in Series B equity funding, led by ABS Capital Partners, a leading investor in later-stage growth companies.
PowerReviews, Inc., is a newly-formed entity resulting from the acquisition of PowerReviews LLC by consumer review platform Viewpoints. With the completed acquisition, the companies have merged under the PowerReviews brand to lead the consumer engagement market.
The financing was primarily used in the purchase of PowerReviews and will also help to fund further growth initiatives. ABS Capital general partners Paul Mariani and Ralph Terkowitz will join the company’s board of directors.
“Presented with a unique opportunity to re-establish choice and innovation in the consumer engagement market, PowerReviews is optimally positioned to reinvigorate this market,” said PowerReviews CEO Matt Moog. “Fueled by ABS Capital’s investment, we are focused on the growing opportunities for brands and retailers to further engage with consumers both online and in-store, through social and mobile platforms. We’re dedicated to helping companies use ratings and reviews to remain competitive in an increasingly omnichannel market.”
PowerReviews is well positioned to capitalize on four significant trends: ecommerce, mobile, social, and data analytics. A recent study found that 79% percent of consumers trust online reviews as much as personal recommendations. The PowerReviews Consumer Engagement Engine helps brands and retailers deliver on the value of customer reviews by providing the tools and technology to collect customer ratings, reviews, questions and answers; promote and syndicate that content via major retailer sites and search engines; and provide analytics and insights to identify and implement best practices and improve products and services.
“Matt saw a great opportunity when the PowerReviews business became available, and we were excited to work with him to quickly seize that opportunity,” said Mariani. “Consumer engagement is a rapidly changing space, and the PowerReviews solutions are of increasing value to businesses trying to optimize both their online and in-store channels. Matt is an experienced leader and we’re excited to be working with PowerReviews in this important stage of growth.”
Joining Moog on the executive team are e-commerce veterans Jim Morris, CTO; Matt Parsons, Chief Customer Officer; and Chris Lubkert, SVP Strategy and Operations.