$16.5m in funding to drive TruRating’s global expansion
TruRating has announced that it’s raised $16.5 million in funding, which will be used to propel the company’s expansion into global markets.
On the importance of the investment, TruRating founder and CEO Georgina Nelson said “We have had an incredible year and securing this pre-revenue funding will help us take TruRating to the next level and bring the truth back to consumer ratings globally. There’s a real appetite among businesses to get validated, real-time ratings from the majority of their customers. Now 88 percent of people asked to rate do. It’s such an easy way for consumers to have their say and be listened to, and for merchants to respond and improve.”
The announcement comes as TruRating ramps up its presence in Australia, following its successful launch in the Australian market six months ago. Since launching, the point-of-payment rating fintech (financial technology) has garnered over 250,000 ratings from businesses across Australia.
TruRating gives businesses a real-time, validated view of customer satisfaction and overall company performance on key metrics such as service, value or product selection. The technology provides consumers with a simple and anonymous way to provide feedback on their shopping or dining experience by rating with a single key-press of 0-9 on payment terminal keypads.
Australian companies using the technology include small independent retailers and restaurants, through to growing restaurant chains and larger retailers such as The Melbourne Convention & Exhibition Centre, Rolld and Crisp salads.
In the near future, TruRating will launch an online ratings engine, allowing users to compare ratings and make informed choices about where to shop and eat, in a competitive move which will challenge the likes of TripAdvisor and Yelp!.