Rival Technologies raises first financing round totalling $8.5 million CAD

Rival Tech

Rival Technologies, a voice, video, and chat marketing solution based in Vancouver, has raised $8.5 million CAD, claiming to have doubled its venture capital funding target.

“Rival is helping organizations capture the authentic voice of their customers.”

The investors are not being disclosed, but a Rival spokesperson told BetaKit the participants were from Toronto, Winnipeg, Calgary, and Vancouver. The startup said funds from the investment will be used to continue developing the company’s platform and expanding Reach3 Insights, Rival’s sister company, under the umbrella of the Reid Campbell Group.

“This product-development funding further validates the work we are doing to revolutionize market research,” said Rival’s co-founder and CEO Andrew Reid. “By opening our doors to external investors for the first time, we also gain new perspectives and opportunities for collaboration. I am extremely proud of the growing team at Rival for their ground-breaking contributions to expanding our business and positioning us as a world leader in the market research software industry.”

Reid is the former president of corporate innovation at Vision Critical. After raising $16 million in venture capital and another $76 million in a secondary offering, Vision Critical sold its business in 2016 to focus on marketing intelligence software. Reid and Rival’s co-founders provided an undisclosed amount of seed money for the company when it was founded in 2018 along with Reach3 Insights.

RELATED: Vision Critical founder Andrew Reid leaving executive team to found spinoff company

“I am incredibly proud of the platform and culture we’ve built so far at Rival,” said Jennifer Reid, Rival’s senior methodologist and an investor in the 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.”

By integrating chat, voice, and video solutions into SMS, social media, and messaging apps, Rival’s insight platform, Chat Lab, aims to help companies reach consumers to better understand their attitudes, opinions, and preferences.

Rival’s client base includes the National Football League, A&W Canada, and the Vancouver Canucks. The startup said it is currently looking to expand its team, as its annual recurring revenue, which is generated by subscriptions, approaches $1 million.

Image courtesy Rival Technologies via Facebook

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast