ResponseTap Secures Growth Funding from Beringea and Eden Ventures
LONDON, May 15, 2014-- 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 team.
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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