RealTime IT News

BizRate.com Closes on $20 Million in Funding

BizRate.com, a provider of merchant ratings and information to help shoppers buy confidently online, has secured $20 million in second-round financing.

Venture capital firm Attractor led the second-round financing, which also included Hambrecht & Quist and strategic investors. Mission Ventures and Media Technology Ventures, which provided first-round financing, continue funding BizRate.com.

The new financing will fund a national advertising campaign and accelerate the development of enhanced site features, the company said..

"BizRate.com sits at a critical point in the online buying process and is trusted by both online buyers and merchants," said Danny Rimer of Hambrecht & Quist. "We're very pleased to invest in this increasingly powerful player in the e-commerce arena."

"This additional funding will allow BizRate.com to build on its position as the nationally recognized trustmark for safe, efficient e-commerce, inspiring confidence in consumers and helping bring e-commerce to the mainstream," said Farhad Mohit, president and chief executive officer of the company.

BizRate.com collects direct customer feedback and transactional information on e-commerce purchases. These buyers represent more than 20 percent of all online retail commerce. Using the data, BizRate.com provides merchant ratings and information to help shoppers.