NEWS26 April 2010

Vovici raises $5.7m in financing following ‘unprecedented’ Q1 performance

Financials North America

US— Research software firm Vovici has raised $5.7m in financing to invest in sales, marketing and product development following a hot first quarter in which new on-demand software sales were up around 40 percent, while sales to existing customers climbed 156%.

CEO Greg Stock (pictured) said the “unprecedented” results reflected “a clear trend that voice of the customer initiatives have tangible ROI and have become an executive-level priority”. Users of Vovici’s technology include Bank of America, Microsoft, Procter & Gamble and Sony BMG Music.

The new investment comes from existing investors Austin Ventures and Mayfield Fund, both of whom participated in a $10m financing round two years ago.

According to a Securities and Exchange Commission filing, Vovici put almost $6.3m in equity up for sale this month – leaving some $590,000 still to be sold.