Consensus Point recently announced some good news – they have been on the receiving end of their Series B funding from a group of enthusiastic investors. This round of investment was led by NEST-TN, LLC, and was also participated in by the new investor, Golden Seeds.
Other companies that took part in their most recent financing include DLA Piper Venture Funds as well as the Tennessee Technology Development Corporation (TTDC) INCITE Co-Investment Fund.
The company’s CEO, Linda Rebrovick, shares more about Consensus Point and this recent funding round, in this e-interview with Lead411:
Who are your competitors and how are you different from them?
Consensus Point is a provider of prediction market software to improve the reliability and efficiency of real-time market research and business intelligence. We are the only company dedicated to support our customers – market research, professional services, and expert network companies – to provide next generation market research and business intelligence to their clients. The expertise of the Consensus Point team, Huunu technology platform, and gaming techniques offer a more engaging and dynamic way to ask questions and aggregate wisdom from a group of people, including consumers, experts and employees.
What percentage of your marketing budget is spent on the following?
A. Advertising – 0%
B. Social Media Marketing – 5%
C. SEO – 5%
D. PR – 5%
E. Direct Marketing – 85%
F. Other –
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
Our highest ROI comes from joint marketing projects with our customers and conferences within our target industries. For every dollar we spend, we calculate that we receive ten times in awareness and relationship building.
What do you plan to spend your new funding on? Product development? Marketing?
As a software as a services company, a large part of our funding is spent on product development, sales and marketing. We are a very customer focused business with the primary goal of offering an engaging market research and business intelligence platform that will meet the unique needs of our market research and consulting clients.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
This is our first round of institutional financing. I spent a large amount of time raising these funds over the past 18 months. While it did not take up most of my days and nights, the time commitment for preparation and presentations was significant.
If you are the CEO, what are your biggest challenges?
My biggest challenge is the balance of daily operations with strategic opportunities and planning.
How many employees do you have?
We have between 10 and 20 employees, retained consultants and shared service contractors.
When were you founded?
We were founded in 2006 and incorporated with our revised business model and institutional funding in April 2011.
How much did your revenue increase(if any) this year over last?
We don’t disclose our revenue or financials.
Want to know more about this recent funding? You can read on this press release here.