Sorenson invests $20M in Mindshare Technologies

Mindshare gets support for its customer survey and reporting service

Customer feedback only goes so far if a business doesn’t know what to do with it.  What do you do with 14,678 positive responses to your service and 789 negative responses?  If you were an Etsy merchant, you’d probably get the boot for those odds.  That’s what Mindshare Technologies takes care of, and today the customer survey and analytics company announced that it has received a $20 million investment from Sorenson Capital.

The company says it’s on track to bring in $19 million in revenue this year, and in September, it marked its 100^th consecutive month of revenue growth.  Mindshare saw 33% revenue growth in 2009 and expects to see 40% revenue growth in 2011. The company could not be reached for comment.

Mindshare takes the age old customer survey to the next step by not only reaching out and gathering customer feedback by email and phone surveys, but by translating that feedback in real-time to a customized report to give businesses a clear picture of how their company is running.  Users can get trend graphs, bar graphs, alerts, hierarchical reports that can be viewed by employees at different levels in the company, and more.

The company’s business insights solution has proven itself surprisingly effective: Mindshare has a 93% retention rate among its own clients, serving such well-known brands as Arby’s, Hertz, Tony Roma’s, Comcast, and Marriott, among others.  The company says it completes 175,000 surveys every day in 106 countries and 28 languages.  To date, Mindshare has completed over 81 million surveys.  

"The Mindshare management team has just accomplished an extraordinary financial feat in leading the company to 100 months of consecutive recurring revenue growth," said Fraser Bullock of Sorenson Capital, in a statement. "We look forward to helping this exceptional team continue to grow."

Bullock and Ron Mika, also of Sorenson Capital, will join the Mindshare board of directors.