August 2010 - Reevoo.com, which harnesses the power of customer opinion to help shoppers buy a better product, has today announced a Series B funding round. So far, Reevoo.com has raised over £7m.
Reevoo.com, co-founded by Richard Anson in 2005, has over 1 million reviews from verified purchasers across 75,000 electrical products. These are displayed over 60 million times per month, helping consumers choose the right product for them. The business has more verified reviews across more electrical products than any other company in Europe. The expansion capital will be used to grow still faster across Europe, as well further enhancing its social functionality for customers.
The news follows the business’s recent success in winning major European deals with electrical manufacturers and retailers, including Sony, Toshiba, Sharp, Indesit, HotPoint, Kodak and Best Buy and relationships with leading publishers such as The Telegraph, Future Publishing and IDG. The business now supports over 180 retailers, manufacturers and publishers across Europe.
The funding has been secured from existing investors Eden Ventures, Banexi Ventures and leading business angel Andrew Phillipps.
The company is recognised for its innovation. Working with Sony, it recently launched functionality that enables shoppers to read reviews in any language, using Google translate to put the consumer in control.
Richard Anson, co-founder of Reevoo.com, commented: "I am delighted with the support from our backers, as this investment shows the confidence we all have in Reevoo.com’s continued success. Our team is hugely excited to be taking the business to the next level and is looking forward to expanding further across Europe.”
Ben Tompkins, Partner at Eden Ventures says, “We believe the opportunities in social commerce are enormous and we look forward to seeing Reevoo.com continue to innovate and build out its brand.”
Phillippe Herbert, Partner at Banexi Ventures comments, “Reevoo.com has achieved a lot to date and the expansion into Europe clearly shows its growth potential and the added value which the business offers to retailers and manufacturers on a pan-European scale.”