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ResponseTap Secures Growth Funding from Beringea and Eden Ventures
|By Business Wire
|May 15, 2014 01:42 PM EDT
ResponseTap, the market leader in call tracking and analytics, has
secured £4m of Series B funding. This funding includes £2.5m from
Beringea, which manages the ProVen Venture Capital Trusts, and £1.5m
from Eden Ventures. ResponseTap will use this investment to accelerate
expansion in the U.S. and to continue support for its UK development
Since its first external funding round in 2012, ResponseTap has
developed rapidly. Now the company has over 50 employees, an established
U.S. presence and a solid client base. In this time, ResponseTap’s
technical platform has been radically restructured following user
feedback – to give clients even better insight.
ResponseTap provides agencies and brands with granular data about the
journey of a web visitor leading up to, during and after a phone call to
a business. This insight enables its clients to analyse and improve the
efficiency of their marketing activities. ResponseTap’s data can
additionally be integrated with other tools including web analytics, bid
management, CRM and call centre infrastructures. This then improves
return on investment on marketing spend and allows for a better
understanding of the customer journey through multiple customer touch
points - including the telephone.
Stuart Veale, Managing Partner at Beringea, who will join the
ResponseTap board, commented: “ResponseTap has developed a product that
will lead the next generation of call analytics. As more expensive and
more complex products are increasingly sold online, we believe that the
importance of phone calls will increase, rather than decrease, as a
sales channel. ResponseTap is well-positioned to take advantage of this
trend and this funding will help them build a stronger platform for
growth in the U.S. and the UK.”
Ross Fobian, CEO and co-founder of ResponseTap, said: “All of this gives
us the perfect springboard to continue our expansion in the U.S., to
continue our technical development, increase the associated support team
and to launch into Europe. We continually use feedback from our
clients to improve our technology and support - a wider client base
between the U.S. and the UK makes this even more optimised. We’re
looking forward to seeing what insights our clients can gain with this
new round of investment.”
Peter Jones, Partner at Eden Ventures, added: “We recognised
ResponseTap’s potential two years ago and are delighted to continue
supporting the rapid growth of this business. The company’s development,
since we first invested, has been very impressive and we look forward to
helping the management achieve their future expansion plans.”
ResponseTap’s technology offers accurate attribution for its clients
across the U.S. and the UK. Its rapidly growing customer base includes
household names such as Tui, British Gas and AVIVA in the UK and
build.com in the U.S, as well as over 500 marketing agencies. It
processes over a million calls a month in the UK alone.
ResponseTap is a leader in call tracking and analytics, helping brands
understand the impact their marketing activities are having on inbound
calls. Over 1,500 brands and 500 agencies in the UK alone rely on
ResponseTap’s market-leading technology to achieve a holistic view of
their customers’ journeys. Since 2008, ResponseTap has grown to provide
analytics on over 1 million calls per month, with offices in London,
Manchester and New York.
Beringea is an international growth capital firm with offices in London
and Michigan, U.S.A, which invests in high growth companies. Beringea’s
London office manages a number of funds, including the ProVen VCTs.
Beringea is a generalist investor with sector expertise in Media,
Healthcare and Retail. Beringea‘s previous investments have included
Fjordnet, Espresso Education, Saffron Digital and Mergermarket. Beringea
LLP is authorised and regulated by the Financial Conduct Authority. www.beringea.com
About the ProVen VCTs
The ProVen VCTs (ProVen VCT, ProVen Growth & Income VCT and ProVen
Planned Exit VCT) are funds raised under the government’s Venture
Capital Trust scheme for supporting UK SMEs with equity investment. The
original Ordinary share issues of ProVen VCT and ProVen Growth & Income
VCT have generated higher Total Returns to investors than any other VCT
share issues in their respective launch years, according to www.taxefficientreview.com.
About Eden Ventures
Eden Ventures invests in technology companies in the telecommunications
software, enterprise software, SaaS, digital media, ecommerce, internet,
social media and mobile sectors. Their background is that of serial
entrepreneurs with a strong seed investment track record. They offer
portfolio companies considerable operational management expertise in
creating businesses of lasting value. The Eden team is a mix of
successful technology entrepreneurs and investment professionals. Their
blend of knowledge, experience and skills covers business strategy,
sales and marketing, finance and operations, M&A transactions and
institutional fund management. www.edenventures.co.uk
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