Get Satisfaction, the company that builds web-based community support tools, has closed on $10 million in Series B funding. This round brings the company’s total venture capital investment to $21 million.
Get Satisfaction will use the cash to generally grow its business, CEO Wendy Lea said in a recent interview. Currently, Get Satisfaction has 40 full-time employees and hosts more than 58,000 communities centered around big brands from Procter & Gamble and WalMart, to startups such as Spotify, to governmental organizations such as Texas.gov.
Deciding to take on a $10 million round was a big deal for Lea, who labels herself as an “old-fashioned” executive. “I’ve bootstrapped a business in the past, and I’m very wary of taking other people’s money,” she said. “I was very cautious and frugal, and we made amazing progress on the first $10 million.”
A large part of deciding to take on the new cash had to do with InterWest Partners, the venture capital firm that led the round. InterWest’s Bruce Cleveland and Lea had previously worked together at Siebel Systems. “When we decided it was go time, I was very keen to go to Bruce and say, ‘OK here’s the story.’ I sensed deeply that he would get it,” Lea said. “He moved us along very quickly, and the money is now in the bank.”