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.
The funding generated in this round will be used to capitalize on
BizRate.com’s first-mover advantage, the company said, by developing new
products and services, expanding staff and expanding national marketing
“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.