MADISON, Wis.--(BUSINESS WIRE)--Avid Ratings, North America’s industry leader for measuring home quality and creating exceptional customer experiences, announced today it has closed on $6 million in new funding from Madison, Wisconsin-based venture capital firm 4490 Ventures and Detroit-based growth capital investment firm Beringea. The funding will help the company expand its workforce to bolster capabilities that will support builders nationwide with customer experience tools and technology.
“We are excited to share the news of our ongoing growth at Avid Ratings,” said Paul Cardis, founder and chief executive officer at Avid Ratings. “This new investment will help Avid become the leading resource for measuring building quality and maximizing homebuyer satisfaction across North America.”
The funding allows the company to expand its workforce by up to 100 people in the next two years. Hiring will take place through 2020 to further build out all departments in the company, including product development, sales, customer success, and marketing.
In particular, the company plans to enhance and redesign its customer survey platform to allow builders new and innovative ways to capture customer experiences (CX).
“The addition of these new capabilities will help builders be more competitive by responding faster and smarter to customer feedback,” said Aaron Everson, president at Avid Ratings. “We anticipate many new customers with the improvements and expansion of our AvidCX suite of customer experience tools. We look forward to the continued support of over 1,000 builder divisions across North America who already know how our products have boosted customer loyalty and increased closing rates for their sales teams.”
“4490 Ventures is thrilled to be a part of Avid Ratings’ next chapter,” said Greg Robinson, managing director of 4490 Ventures. “I am confident in Avid’s continued success in serving the customer experience needs of the homebuilding industry across the U.S. and Canada.”
Bill Blake at Beringea said, "The housing market lacks good data collection methods throughout its supply chain, and that lack of visibility can negatively influence important buying decisions. Avid Ratings has become a trusted source of unique feedback in all aspects of homebuilding, and it’s well positioned to bridge these information gaps and power new home purchasing in this already-strong market.”
About Avid Ratings
Avid Ratings (avidratings.com) is the leading resource for building quality in the world. Dedicated to the homebuilding industry, Avid Ratings helps companies build better customer experiences by gaining powerful consumer insights and deep customer feedback through a proprietary customer experience platform. Avid Ratings was named a Top 5 Sales Tool by BUILDER magazine and NAHB and a Brilliance Awards recipient by TecHome Builder. Avid was also featured as a Top Product by Constructech magazine while also being ranked among the magazine’s “50 Most Influential Tech Companies in Residential Construction.”
About 4490 Ventures
4490 Ventures is an early-stage venture capital firm that invests broadly across the software technology spectrum, including hardware-enabled software and information businesses. 4490 Ventures specializes in partnering with Midwest-based entrepreneurs focused on building billion-dollar enterprise value companies. For more information, please visit www.4490ventures.com.
About Beringea
Beringea provides equity and/or mezzanine debt to growth-oriented companies in the U.S. and UK. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in exceptional companies operating in a range of sectors, including healthcare, information technology, advanced manufacturing, digital media and ecommerce, and specialized consumer products. With flexible capital solutions, extensive investing experience and an international footprint, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. www.beringea.com
In the United States, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. The contents of this communication piece are in no way intended as a solicitation to investors and are for new investment deal flow purposes only.
