July 20, 2016
By Ally Marotti
Blue Sky Innovation
Chicago-based startup ReviewTrackers raised $4 million in capital to help build its team and continue growing its platform for managing user reviews.
ReviewTrackers, which counts Giordano’s, Portillo’s and U.S. Bank among its clients, makes a platform that lets businesses manage their online reputations. That includes seeking out and touting positive reviews and also analyzing data.
The company built out its platform in the past year to start incorporating natural language processing, so clients can get to the root of their customers’ complaints quicker, said CEO and founder Chris Campbell.
“Here’s the problem: People for some reason aren’t really liking the hamburger at this location,” Campbell said. “If you drill into the data, you’ll see, ‘Oh, the line chef we have on Thursday is really overcooking the hamburger.’”
ReviewTrackers is rolling out that new platform to all of its clients. This new capital will help with that process, and allow the company to build on the platform’s language processing abilities, Campbell said.
ReviewTrackers has raised a total of $6.1 million since it launched in May 2012, Campbell said. He declined to comment on revenue.
American Family Ventures, the venture capital arm of Madison, Wisc.-based American Family Insurance, led the new round. Chicago-based venture fund CSA Partners also participated. Both are repeat investors. The company also opened a line of credit with Square 1 Bank.
The company has about 37 employees now and is on pace to hire an additional 25 by the end of the year. Its River North office, which the company moved into earlier this year, has the capacity for about 125 employees, Campbell said.
American Family Ventures first participated in a $2 million funding round ReviewTrackers’ raised in 2014, said Dan Reed, managing director of venture capital arm. Shortly after, it started a trial run with 1,000 of its insurance agents, and saw an opportunity to continue the relationship with this newest round.
The insurance agency is now rolling out ReviewTrackers’ platform to all of its agents, Reed said.
“American Family Insurance has about 3,500 agents across the country, and like a lot of businesses it has distributed offices,” Reed said. “We knew (ReviewTrackers was) the solution that could help us understand what customers are saying about each of those offices.”