Vancouver’s Rival Technologies announced today that it has raised over $8.5 million from Canadian investors.
The new funding, which was double its venture-capital funding target, will be used to continue developing the company’s Chat Lab platform and expanding Reach3 Insights, Rival’s sister company under parent Reid Campbell Group.
Rival Technologies and Reach3 Insights were founded one year ago by CEO Andrew Reid, how was also the founder of Vision Critical, the customer-intelligence firm that raised more than $90-million in venture capital.
Since being founded in 2017, Rival has relied on its parent company to fund development of its end-to-end insight platform, Chat Lab, which integrates voice, video and chat solutions into SMS, social media and messaging apps to help companies reach and understand consumers in more engaging and authentic ways.
With its annual recurring subscription revenue approaching $1 million and its growing client base including major brands such as the National Football League, A&W Canada, and the Vancouver Canucks, Rival has turned to outside investors for the first time.
“This product-development funding further validates the work we are doing to revolutionize market research,” said Andrew Reid in today’s announcement. “By opening our doors to external investors for the first time, we also gain new perspectives and opportunities for collaboration.”
“I am incredibly proud of the platform and culture we’ve built so far at Rival,” said Jennifer Reid, Rival’s Senior Methodologist, Andrew’s sister, and an investor in the close-knit company.
“By attracting passionate, courageous and talented people who are committed to providing the best technology for consumer engagement, everyone at Rival is helping organizations capture the authentic voice of their customers and improve business outcomes in the process.”
Rival Technologies is currently hiring and is focused on adding Millennial and Generation Z employees as they are leading the charge when it comes to using the messaging technologies at the heart of Rival’s approach.