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UMass President Jack Wilson on Entrepreneurship
RatePoint Inc. has raised $7 million in an inside Series C round with its three existing venture capital investors, the company reported in a press release today. Prism Ventureworks of Needham co-led the round with .406 Ventures of Boston and Castile Ventures of Waltham.
The deal brings to at least $23.5 million the total capital invested in RatePoint Inc., a Boston startup that makes software for companies to publish and manage customer reviews on websites. The company was founded in 2007 by former GeoTrust Inc. executives Neal Creighton and Chris Bailey.
“It should take the company to cashflow break even and hopefully to significant scale,” said Prism partner Jim Counihan, who led the round for the firm. RatePoint, which operates on a freemium model by offering customers free email marketing software, currently has 4,500 paying users, Counihan said. With the current round of financing, the company aims for over 10,000 paying users.
RatePoint’s last round, a $10 million Series B, came in January, 2009.
Since announcing in May 2009 that it would not seek to raise a new fund, Prism has made at least three new investments out of its $250 million fifth fund. Recent exits for Prism include the July 2009 IPO of LogMeIn Inc. (Nasdaq: LOGM), and the acquisition this week of Cambridge game developer Conduit Labs Inc. by Zynga Game Network Inc.
Counihan said Prism is still watching the market to determine whether it will fundraise again.
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