Get Satisfaction Lands $10M in Series B Financing Led by InterWest Partners
Get Satisfaction Lands $10M in Series B Financing Led by InterWest Partners Aug 2011
3 August 2011
SAN FRANCISCO, CA — Get Satisfaction today announced that it has raised a $10 million Series B round of funding led by InterWest Partners. The latest capital infusion brings Get Satisfaction's total funding to date to approximately $21 million. Get Satisfaction will use the funds to expand its vision as the standard social business platform for companies to engage with their customers. Specifically, Get Satisfaction will invest heavily in product innovation, distribution partnerships and the localization of its platform for global use. The company also announced that Bruce Cleveland, general partner at InterWest, will join Get Satisfaction's Board of Directors. Cleveland, who has held numerous executive positions at Siebel Systems, Oracle and Apple, brings decades of operational experience in the enterprise software industry.
Get Satisfaction enables the world's best brands to turn customers into active participants in their core business functions, from product development, marketing, PR and customer service too. To date, more than 58,000 communities have been created on the Get Satisfaction network, with clients ranging from Fortune 500 companies such as Proctor & Gamble (Pampers), Adobe and Walmart to fast-growth startups like Flipboard, Spotify and Mint.com (Intuit).
"Get Satisfaction is the first and only social business application built from the ground up as a consumer application to power business," said Cleveland. "The platform's ability to capture conversations from customers of any brand wherever they are, then harness those conversations into actionable insight makes us firmly believe that Get Satisfaction has the opportunity to become a true standard for the way businesses of any size engage with customers."
"Much of the current discussion around social business today is about internal processes such as employee collaboration and file sharing," says Wendy Lea, CEO, Get Satisfaction. "For Get Satisfaction, the customer is the centerpiece of the story. Our view of social business is about customers becoming active participants in every aspect of the business, creating tangible value on both sides of the relationship. This is a seismic shift in the way companies conduct business."
The rise of the social Web has fundamentally transformed the way companies think about every aspect of their business, and social participation is no longer optional. Customer conversations take place across the Web, on Facebook, on Twitter, and on blogs, but as conversations have become more ubiquitous, actionable value has been harder to find. Get Satisfaction is built to create value from these conversations by transforming them from unstructured data into actionable insight that integrates with internal business processes and systems that support them.
About Get Satisfaction
Get Satisfaction is an online community platform that helps companies build better relationships with their customers. Our solution is used by the world's best brands to improve customer support, build better products, drive customer loyalty, and build better business. For more information, visit www.getsatisfaction.com.
For more than 30 years, InterWest (www.interwest.com) has partnered with exceptional entrepreneurs to build winning technology and life sciences companies. With more than 200 years of combined operating and investing experience, the firm's investing team has raised $2.8B, completed more than 70 IPOs, and participated in nearly 60 upside acquisitions. As the firm invests InterWest X, a $650M fund, the InterWest team continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a thriving company.