Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, has announced that Beringea LLP has made a $4.2 million investment in ResponseTap, a market leader in call tracking and analytics. The funding was part of the company’s $6.7 million Series B financing round, which also included $2.5 million from Eden Ventures. ResponseTap will use the 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 more than 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 analyze 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 center infrastructures. This then improves return on investment on marketing expenses and allows for a better understanding of the customer journey through multiple customer touch points – including the telephone.
Stuart Veale, managing partner at Beringea LLP, 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 optimized. 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 recognized 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.
# # #
ResponseTap is a leader in call tracking and analytics, helping brands understand the impact their marketing activities are having on inbound calls. Over 1,500 brands and 500 agencies in the UK alone rely on ResponseTap’s market-leading technology to achieve a holistic view of their customers’ journeys. Since 2008, ResponseTap has grown to provide analytics on over 1 million calls per month, with offices in London, Manchester and New York.
Beringea, LLC provides equity and/or subordinated debt to small- and-middle market companies. Founded in 1988, the Firm is headquartered in Farmington Hills, Michigan. Beringea, LLC’s office in London, UK operates as Beringea LLP. Beringea invests in portfolio companies operating in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.