Singaporean VCs put US$5M into RateIt

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// Real-time customer feedback startup RateIt has closed a US$5M Series A investment round led by Tin Men Capital to expand into South-East Asia.

Tin Men Capital, a B2B technology-focussed venture capital firm based in Singapore, has lead a Series A round into the Perth and Melbourne based customer ratings startup, RateIt.

Coincidentally, on the day this was announced, RateIt CEO and founder Michael Momsen was down at Riff talking at Perth Morning Startup on the topic of ‘Our path of millions in recurring revenue, and why content marketing is dead’.

Founded by Michael in 2016, RateIt offers a way of listening to customers while they are ‘in-the-moment’. Global brands such as Adidas, UOB and Fitness First use them to provide customer experiences and deliver customer centric growth.

“We constantly hear how organisations are striving to become more customer-centric, but struggle to know if they are executing on that promise at every moment,” said Michael.

“RateIt’s unique in-the-moment offering is a quick and easy way to listen to customers in a whole new way without the need for long annoying surveys that inevitably end up as long annoying powerpoint decks.”

The RateIt platform combines dynamic, omni-channel micro surveys (a marked shift from the traditional survey), with a real-time sentiment analysis tools, to provide businesses the insights designed improve their customer experience.

“RateIt focuses on helping companies hear the voice of their customers in real-time and without loss of depth,” said Murli Ravi, co-founder of Tin Men Capital.

“This is a long-standing problem for marketing, operations delivery, sales and customer service departments.”

With a bare bones sales team, RateIt’s traction over the past 18 months has been impressive, acquiring hundreds of clients across S.E. Asia, Australia and the United Kingdom – including firms such as 7-Eleven, Pandora and MasterCard.

Rateit’s software in action. Image supplied.

“We see synergies between RateIt and other Tin Men portfolio companies, as well as immediate potential with our firm’s go-to-market partners across SEA,” said Michael.

One of RateIt’s notable customers, Fitness First, adopted RateIt software in all their 90+ gyms across Southeast Asia. They then saw marked improvements on all metrics over the past 2 years – including a 20% increase in Net Promoter Score (NPS).

Another long- standing customer, Gardens by the Bay in Singapore, saw a 7,500% jump in rich feedback submissions.

Well over half of RateIt’s revenue now comes from S.E. Asia with a good mix of large clients, such as Lego, Maybank and Metro, and smaller SMEs.

In Australia, major clients include Woolworths, Pandora and Mitre 10. The current growth and future potential of the SEA market has driven RateIt to move its headquarters to Singapore.

Tin Men Capital has invested in RateIt, joining other prominent investors such as Wavemaker Partners, Koh Boon Hwee, Steve Melhuish (co-founder of PropertyGuru & Wavemaker partner) and principals from firms such as Alto Partners and TPG.

The fresh funding will be used to speed up the company’s go-to-market capabilities across S.E. Asia, while deepening its operations and marketing in Singapore.

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Main Photo: RateIT’s CEO Michael Momsen with COO Sam McConkey. Images supplied.

For more on Rateit, visit their website.