Singapore-headquartered RateIt, a startup that provides real-time customer experience management platform to global brands, has raised $5 million in its Series A funding round, further underscoring investors’ appetite in tech firms that focus on customer service.
Originally founded in Australia by Michael Momsen in 2016, RateIt moved to Singapore as it sees the growth and future potential of the Southeast Asia market for its platform.
In a statement, the startup said over half of its revenue now comes from Southeast Asia, with clients including Metro, Maybank, Lego, and a number of small and micro-enterprise firms. In Australia, major clients include well-known brands such as Woolworths, Pandora and Mitre 10, while in SEA, Adidas, and Fitness First.
RateIt CEO and founder Michael Momsen launched the startup as he saw the limitations of traditional survey-based methods, customers interviews, and market research. He said traditional methods of gauging customer experience do not give firms the data they needed to determine what their clients think and feel on a real-time basis.
The Series A funding round was led by Singapore-based venture capital firm Tin Men Capital, which saw how RateIt focuses on enabling firms gauge in real-time the thinking and feeling of their customers, finally addressing the long-standing problem for marketing and customer service departments.
According to Tin Men Capital co-founder Murli Ravi, RateIt has shown its potential further as it acquired hundreds of clients in the region in just 18 months of operations.
Tin Men, licensed by the Monetary Authority of Singapore, invests in industrial technologies and automation opportunities in Southeast Asia.
The latest funding round was also backed by Wavemarket Partners, PropertyGuru co-founder Steve Melhuish, Koh Boon Hwee, and principals from firms such as TPG and Alto Partners.
RateIt said the fresh funding will be used to further expand the company’s customer-facing and product development teams as well as to deepen its operations and marketing in Singapore.
Monsen, RateIt’s founder and current CEO, said the startup constantly hears how companies are striving to become more customer-centric but do not have the right tools to determine if they are able to execute the right customer experience program.
“We offer a quick and easy to listen to customers in a whole new way,” he said.