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December 17, 2006
Revoo Raises $5M From Eden Ventures
Reevoo, a UK publisher of product and service reviews, has raised $5M from Eden Ventures to increase the number of reviews it has on tap for online retailers.
Online review sites are not new, but Reevoo has a process for sourcing and vetting reviews from consumers that have actually purchased the product or service in question, which it believes makes them more trustworthy.
Here's its pitch
"Reevoo collects customer reviews on behalf of its retail clients and only confirmed purchasers receive a questionnaire giving them the opportunity to review a product.... There is a plethora of sites out there today where it is just too easy for book reviews to be written by the author, hotel reviews by the proprietor or product reviews by the manufacturer. Ultimately consumers will lose trust in these sites and we’ve built Reevoo to help people choose what to buy based on real, genuine, confirmed reviews."
First Capital, the corporate finance boutique that advised Reevoo on its fundraising, adds in its blog that Reevoo is a "trust filter" for the web.
Besides the type of business getting funded, the deal is interesting because the VC is Bath, England-based Eden Ventures
, investing from its first formal fund.
Since it is very rare for limited partners to back a new early stage tech fund in Europe post-bubble, it has to have a lot going for it. In Eden's case, one thing that makes it special is that its partners have been investing for several years and already have a track record as a team - a recent portfolio exit was Cramer Systems, which was acquired by Amdocs for approx. $375M in cash. Another plus is that most of its general partners are former entrerpreneurs.
Eden typically invests in very early stage deals and its focus is software. This deal is on the edge of that style of investment as Reevoo (sounds to us more like it) is a publishing business model and it already has revenues.
Read - Reevoo is a trust filter (first capital's Coffee Shops Of Mayfair Blog )
Read - Reevoo Secures $5mln (Reevoo blog)
Read - Reerun: Reevoo Seeks Financing (a:c euro)
Posted on December 17, 2006 02:47 PM | Posted to News And Updates | Web 2.0 | Permalink
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