Online consumer reviews aggregator Reevoo has announced a second round of funding led by French VC firm Banexi, as well as launching its service across the Channel.
We talked to CEO Richard Anson about the deal:
Can you tell me about the funding? How much have you received?
We have decided not to reveal the exact amount of funding, though it is a significant amount.
The funding comes from Banexi, and first round investor Eden Ventures has also participated, as have two non-executive directors, Andrew Phillips and David Gilbert.
Banexi is based in Paris, so it makes sense when we are launching in France. Banexi understands the market we are in and the needs of online shoppers and retailers, having been an early backer of Kelkoo.
Why is the funding necessary?
The funding is required for two reasons; to support and accelerate our international expansion, and to continue to evolve our products in the UK.
Can you tell me about Reevoo in France?
Our aim was always to expand across Europe. The UK, France and Germany are the three largest and most developed e-commerce markets, so France seemed like the right strategic step.
We think it’s important that we enter France as a French company, so we have opened an office in Paris, and are looking to provide support for French retailers, as well as UK websites that are selling to French consumers.
What kind of growth has Reevoo
Growth has been staggering over the past year, we have had over a quarter of a billion views of our product reviews across retailer sites in the UK.
We now support over 50 UK retailers, and added 16 in November and December alone, with more due to be announced. We have grown alongside the demand for user reviews from web shoppers.
How about Reevoo.com?
We are continuing to grow in the UK, and the amount of traffic sent to retailers has grown twenty-fold in the past four months. We are hoping to reach a million users per month very soon.
What’s next for Reevoo?
We expect a further round of funding and plan to expand further, with Germany the next likely target. In the UK, we are still continuing to grow and take on more retail partners.
We are also looking at ways to improve our service by offering personalisation and providing more information about the individual reviewers.
Social Commerce Report 2007