Bizrate.com Secures $50M in Third Round
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Shopping and merchant rating guide service BizRate.com secured another $50 million in venture capital funding in its third round of financing.
Total funding comes to about $77 million since the company's first round of financing in May 1998.
The majority of third-round funding was secured from previous BizRate.com investors, including crossover investment firm Attractor, which provided an additional $15 million. Other previous investors increasing their support include Access Technology Partners LP, an affiliate of Chase H&Q Capital Partners, Media Technology Ventures, Mission Ventures and Vignette.
New financial backers invested a combined total of $20 million include HarbourVest Partners, Ocean Avenue Investors LLC and Westway Capital LLC.
"BizRate.com is one of the most promising infomediaries we have seen in the e-commerce space," said Harvey Allison of Attractor. "BizRate.com's business model continues to accelerate and this round will allow the company to maximize its huge, near-term opportunities."
Founded in 1996, BizRate.com is an independent rating guide built on the experience of millions of actual online buyers. The site offers consumer information along with a set of shopping tools that helps people find the store or product they want and recommendations based on user-specified criteria.