BestVendor Closes $600K Seed Round
FierceMarkets founder's social recommendation project edges closer to launch.
BestVendor, a startup creating a social recommendation platform to help guide b-to-b purchasing decisions, has closed a $600,000 seed round.
Incorporated in January, BestVendor was started by Jeff Giesea, the founder and former CEO of FierceMarkets, which he sold to Questex in 2008. A pared down alpha version of the platform is currently live and the company has been staffing up in design and development roles.
On the surface, the company’s social recommendation engine uses community feedback and social networking functionality to make significant purchasing decisions and research for b-to-b companies easier. The site’s activity will also be monitored to compile usage and behavioral data to pitch back to suppliers to help them acquire new customers. In other words, lead generation-something Giesea was particularly successful at building into the original FierceMarkets model.
Seed round participants include Lerer Ventures, SoftBank Capital, SVAngel and Peter Thiel. "Our objective wasn’t so much the money, but instead to attract a group of early-stage investors who understand our vision and can guide us as we refine our product, hire exceptional employees, and tackle the huge opportunity we see in front of us," said Giesea in a post announcing the round.