Beringea, a private equity firm in Farmington Hills, was part of the finance team that extended $6 million in new funding to Avid Ratings, an industry leader in North America that provides homebuilders with digital tools to improve customer engagement. The investment, which includes 4490 Ventures in Madison, Wis., was announced today.
Avid Ratings, based in Madison, Wis., offers homebuilders virtual tours and technology-enhanced model home tours, feedback on customer experiences and reviews, and internet marketing tools. The new funding will help the company expand its workforce by up to 100 people in the next two years.
Hiring will take place through 2020 to further build out all departments in the company, including product development, sales, customer success, and marketing. In particular, the company plans to enhance and redesign its customer survey platform to allow builders new and innovative ways to capture customer experiences.
“The addition of these new capabilities will help builders be more competitive by responding faster and smarter to customer feedback,” says Aaron Everson, president of Avid Ratings. “We anticipate many new customers with the improvements and expansion of our AvidCX suite of customer experience tools. We look forward to the continued support of over 1,000 builder divisions across North America.”
Bill Blake, a senior associate at Beringea, says Avid Ratings has become a trusted source of unique feedback in all aspects of homebuilding, and is well positioned to bridge the information gaps and power new home purchasing in the market. “The housing market lacks good data collection methods throughout its supply chain, and that lack of visibility can negatively influence important buying decisions,” he says.
Beringea provides equity and/or mezzanine debt to growth-oriented companies in the U.S. and UK (via its London office). The firm invests in companies operating in a range of sectors, including healthcare, information technology, advanced manufacturing, digital media and ecommerce, and specialized consumer products.