ResponseTap secures growth funding from Beringea
May 13th 2014
Series B funding will aide in accelerating expansion in the U.S.
(London, UK) ResponseTap, the market leader in call tracking and analytics, has secured £4 million of Series B funding. This funding includes £2.5 million from Beringea, which manages the ProVen Venture Capital Trusts, and £1.5 million 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.