"When we made our first investment in RingRevenue, we did so because of the experienced team and the size of the market opportunity they are going after," said Mark Suster, partner at GRP Partners. "They've proven demand, are hitting their numbers and are poised for growth. This investment round was an easy decision, and GRP wanted to own it."
This financing will allow RingRevenue to accelerate its growth and expansion. In addition to ensuring its platform provides all the latest advancements in voice, mobile and ad management technology, RingRevenue is also planning to rapidly expand its customer development and support teams. The company also plans to expand its presence outside of the U.S.
Having partnered with most of the leading online performance marketing networks, including Commission Junction, LinkShare, the Google Affiliate Network and ShareASale, RingRevenue is leading the way in creating a new category of performance marketing that focuses on delivering high-value calls to advertisers. Call performance marketing extends the tracking, measurement and accountability of online performance marketing to those transactions that occur over the phone. With RingRevenue's call performance marketing platform, advertisers can manage direct call-based campaigns and leverage their existing online programs to drive high-value calls to their call centers - all without any changes to their call center or to the caller's experience. Advertisers also benefit from increased distribution as publishers can promote advertiser offers anywhere, including online, offline and on mobile devices, and be compensated for the quality phone leads they drive.
"We're excited about the opportunity this financing brings. It will allow us to more rapidly grow our partnerships and our team so we can deliver more value to more advertisers and publishers," said Jason Spievak, CEO of RingRevenue. "Advertising is changing, and performance marketing is where it's headed. Advertisers want to buy customers, not ads." By tapping the power of the phone, RingRevenue's call performance marketing platform is helping advertisers like Dish Network, eFax and ServiceMagic capture and convert more high-value customers. "For advertisers selling big-ticket items or more consultative products and services, pay-per-call has proven to be the best-converting channel," Spievak continued. "Calls convert at rates of 30 to 50 percent, and the average order value of a sale that closes over the phone vs. online is about 2x."
"RingRevenue has been leading the way in a very profitable advertising category spanning both online and offline media. While call tracking isn't new, their technology is. And their approach to partnering with established performance marketing networks and agencies is unique," said John Greathouse of Rincon Venture Partners. RingRevenue's partners work with more than 10,000 advertisers, including many Fortune 500 brands as well as local businesses, and hundreds of thousands of publishers.
"With calls converting at such high rates and mobile devices in the hands of nearly everyone, we see call performance marketing as the new CPM," Greathouse said.
To learn more about call performance marketing or career opportunities at RingRevenue, visit www.ringrevenue.com.
