Consumer feedback platform TruRating has initiated a crowdfunding campaign on Seedrs, seeking £1.8 million in funding following a prior raise of £7.5 million.
TruRating, a platform enabling retailers to gather customer feedback effectively, aims to address the issue of unreliable reviews by posing a single question at the point of payment. This approach has resulted in responses from 88 per cent of validated, paying customers. Previously, £7.5 million was secured from institutional funds, family offices, and private individuals across the UK, USA, and Asia, highlighting the company’s international appeal.
Investors from Kuala Lumpur, such as OSK Ventures International Berhad, were part of the recent funding round. Patrick Yee, OSK’s Executive Director & COO, expressed enthusiastic support, stating, “We are very excited about the potential of TruRating as a means to help businesses understand their customers better and improve performance, whilst also empowering the consumers to provide feedback in a convenient way.” He further emphasized the firm’s commitment to expanding the business in Asian markets, complementing its presence in the UK, North America, and Australia.
Georgina Nelson, CEO and founder of TruRating, highlighted the philosophical alignment between crowdfunding and the company’s mission. She remarked, “I love the philosophy of crowdfunding – opening up direct investment opportunities to everyone, removing the barriers to investing by making it simple, easy, and affordable.” Nelson further drew parallels between the democratisation efforts of crowdfunding platforms and TruRating’s objectives in customer experience.
The Seedrs campaign is viewed as a significant investment opportunity, underscored by TruRating’s robust record, which includes the implementation of its feedback platform across 360 UK stores of a major sports fashion retailer. Other clients include several notable names currently piloting the technology. Nelson enthused about the progress made, noting, “We’ve already come a long way in a short time period – having collected over 39 million customer ratings to date – but with our existing investors and the power of the crowd community we’re hugely excited about the trajectory for the business.” She emphasised that the campaign offers not just a lucrative investment but also a chance to contribute to enhancing shopper experience.
The funds secured through Seedrs will further TruRating’s technical partnerships and the development of additional digital solutions, consolidating its market position and driving future growth.