RALEIGH – Feedtrail, which offers a web-based application to get customer feedback in real time with the goal of improving satisfaction and retention, has closed on just over $1 million in new equity funding, according to a securities filing.
The startup, which moved to Cary in January of 2018 after landing an initial funding of $375,000 from Cofounders Capital, launched two years ago. It then moved operations to Raleigh.
“We invested in this A round along side VC firm Dioko Ventures,” Cofounders’ David Gardner says.
“The company provides patient feedback systems for hospitals and other providers so they can insure a good patient experience. Great company.”
Gardner stresses that the founders are “extremely coachable entrepreneurs who always have their financial reporting to us on time each month. They are the kind of company that we can be very impactful with because they are very transparent about what working and what is not. ”
Of the new funding, “$438,740 of total $1,038,740 represents outstanding principal and accrued interest on convertible promissory notes issued to 4 investors in a prior offering (Form D filed 8/30/18) that elected to convert into equity securities issued in current offering,” Feedtrail said in the filing.
“Feedtrial’s offering is right in our sweet spot of cost effective demonstrable ROI for enterprise businesses,” says Tim McLoughlin, a partner at Cofounders Capital, in a statement at the time of the 2018 funding and move.
“During our diligence process we talked with many of Feedtrail’s current customers and realized that they were all blown away with the engagement levels they were receiving from their customers. One very reputable healthcare provider told us they were getting over 90% of its patients to give real-time, actionable feedback. That kind of response is unheard of in the industry, and the information collected is invaluable.”
According to the company its solution “differs from traditional survey providers in that it helps businesses engage with and learn from their customers during their actual service experience, not hours or even days later.”
“With Feedtrail, your entire team (from on-duty staff to executives) is kept in the loop 24/7 about company-wide customer satisfaction and opportunities for improvement,” the firm adds.
Feedtrail cofounder and CEO Paul Jaglowski noted that “our clients have a solution that gives them 24/7 real-time visibility into customer sentiment and satisfaction across all locations and business units…right down to specific staff interactions.”
The startup already has multiple customers across the U.S. and Europe.
Later in 2018, Feedtrail secured $270,000 in debt.
In a statement on the Feedtrail website, Kathy Rich, senior director for quality and operational excellence at High Point Regional wrote: “Feedtrail’s platform allows my team to collect raw patient feedback and distill the most crucial insights in a matter of seconds. It gives my team and I complete transparency over what is going in the hospital so that I can make sure our team is recovering any service issues that patients might have prior to discharge.”
Note: This story has been updated to correct the investor alongside Cofounders in the new funding.
