Posted on August 29, 2018 by staff

Feedback platform gives £1.8m Seedrs campaign top marks


Consumer feedback platform TruRating has launched a crowdfunding campaign on Seedrs following an earlier £7.5 million raise.

The company, which makes it easier for both online and offline retailers to gather customer feedback, is seeking to raise £1.8 million through the equity crowdfunding campaign.

TruRating offers businesses a unique solution to the problem of unreliable customer reviews and feedback.

While the vast majority of customers don’t tend to leave reviews or answer surveys, by asking just one question at the point of payment TruRating is able to collect responses from 88 per cent of validated, paying customers.

The company has already secured investment of £7.5 million from institutional funds, family offices and private individuals in this round.

These funds have come from the UK, USA and Asia as the business sought an international footprint of shareholders to support future international expansion.

Kuala Lumpur-based investors OSK Ventures International Berhad were involved in the recent round.

“We are very excited about the potential of TruRating as a means to help businesses understand their customers better and improve performance, whilst also empowering the consumers to provide feedback in a convenient way,” said OSK’s executive director & COO Patrick Yee.

“We look forward to growing the business with them in Asia as they look to additional markets beyond the UK, North America and Australia.”

TruRating CEO and founder Georgina Nelson added: “I love the philosophy of crowdfunding – opening up direct investment opportunities to everyone, removing the barriers to investing by making it simple, easy and affordable.

“I’ve always thought there are parallels between the crowdfunding platforms and what we are doing at TruRating disrupting and democratising an industry and making it truly accessible.

“What Seedrs and others are doing for investment, we are doing for customer experience. It feels like an alignment of vision and so we are thrilled to open up some of our funding round to the public, for everyone.”

The Seedrs campaign represents a great opportunity to invest in a technology provider that already has a solid track record and recently saw JD Sports Fashion roll out the TruRating customer feedback platform across 360 of their UK stores.

Other customers include Maxol, Ping Pong and Kathmandu, as well as a host of household names who are in pilot phases with the technology.

“We’ve already come a long way in a short time period – having collected over 39 million customer ratings to date – but with our existing investors and the power of the crowd community we’re hugely excited about the trajectory for the business,” said Nelson.

“This is more than just a fantastic investment opportunity, it’s a chance to be at the forefront of an industry where we make a significant difference to the shopper experience.”

The investment raised through the Seedrs crowdfunding campaign will go towards extending the company’s tech partnerships with global payments players and developing additional digital solutions.