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Security - Monday, June 18, 2007

Ratepoint Launches w/Funding As Alt Better Business Bureau

RatePoint has closed $6.5M in series A funding led by Prism VentureWorks and .406 Ventures. The founders or Ratepoint previously launched GeoTrust which raised $24M in venture financing was sold to VeriSign for $125M in September 2006.

Like the BBB, Ratepoint wants to take information from consumers about companies and their products. Only Ratepoint says it wants to pull in feedback positive about companies, whereas it says BBB data tends to be complaints. Businesses can join as members and put a Ratepoint badge on their sites. The RatePoint Consumer Approval Program is launching with a free one-year trial for businesses that sign up within the first 60 days. After the free trial, membership is $49.99 per year, compared with the Better Business Bureau, which in major cities, charges $500-$13,000 for a local membership.

We have had experience with the BBB in the recent past which led us to believe that indeed the company is a relic that has not kept up with technology.

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