SOURCE: VendOp

VendOp

April 08, 2015 12:00 ET

VendOp Raises $1.1 Million to Transform Vendor Sourcing and Procurement With User-Generated Ratings and Review Exchange

SAN FRANCISCO, CA--(Marketwired - April 08, 2015) - VendOp, the leading provider for professionals to share ratings and reviews of business and industrial vendors, today announced that to date it has secured $1.1 million in seed funding. Funding was led by a group of inspirational technology and business leaders, including former President and CEO of GfK, North America Dr. Martin Lautman and Dr. Leonard Lodish, entrepreneurial marketing professor at The Wharton School of the University of Pennsylvania, with participation from other undisclosed investors. VendOp will use the funding to support growth and deepen its leadership position.

Similar to consumer review websites, VendOp lets professionals get first-hand insights on all types of vendors -- injection molding, component suppliers, 3D printers, precision vises -- and also share their experiences and opinions with other professionals in the community. VendOp solves the challenges involved in finding, vetting vendors and suppliers in highly specialized areas. VendOp supports 26 core vendor categories, which includes consulting services, manufacturing, component supply, financial services, and sterilization, among others. The complete listing of VendOp Categories can be found at https://www.vendop.com/categories/all-categories/. With VendOp's dynamic ratings and reviews, customers can:

  • Discover the perfect vendor that matches specific services and capabilities
  • See strengths and weaknesses of a vendor during the selection process
  • Read what previous customers think about the vendor
  • Learn about the past performance of a company prior to signing contracts

"VendOp has unleashed the power of user-generated ratings and reviews for sourcing business-to-business vendors, a process that has been largely untouched by technology and has relied solely on word-of-mouth recommendations," said Dr. Martin Lautman. "VendOp's talented team of industry veterans is poised to become the most trusted resource for connecting professionals with vendors in highly specialized business to business verticals."

Founded in 2013, VendOp collects vendor reviews from current or recent customers who have relevant experience with a particular vendor. Following a highly successful private beta, VendOp has accumulated more than 30,000 reviews and ratings for nearly 4,000 companies. Registered VendOp members may write reviews, comment on other reviews and elect to follow a vendor to be alerted when there are new reviews posted for a specific company. Details for more than 5 million vendors are already pre-loaded in the system. If a vendor is not in the community database, anyone can add it at any time with the contribution of a review.

"Finding trusted vendors for business services has been a pain point for professionals across industries as most online reviews sites are limited to consumer-facing products and services," said Andrew Kohm, co-founder and CEO of VendOp. "VendOp helps professionals tap into valuable insights and get input before making a significant investment in a company or services." 

In order to assure the quality of reviews, VendOp requires all users to register using LinkedIn before submitting ratings and reviews data. Every review is vetted by a VendOp team member to ensure the content adheres to its terms of service and community guidelines. Vendors also stand to benefit from VendOp by receiving a real-time barometer of customer feedback and satisfaction in the competitive market without costly online or telephone surveys that take months to turnaround. The ability to see current feedback, engage with customers and respond in retail time with past and future customers is extremely valuable, especially in highly specialized sectors.

About VendOp
VendOp streamlines the vendor sourcing process for businesses with a comprehensive ratings and reviews of vendors. VendOp's dynamic community matches professionals with the best vendor for the job quickly and effectively. VendOp is the only online exchange that provides reliable, unbiased reviews of vendors by the professionals who have used them. VendOp was founded in August 2013 and is headquartered in San Francisco, Calif. To learn more, visit www.vendop.com and follow VendOp on Twitter, Facebook and LinkedIn.

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