Our Investment in Elevate

We are excited to announce that we’ve co-led a $500k seed round for Elevate with Icon Venture Partners. Based in the Twin Cities, Elevate is a customer satisfaction survey tool tailored to multi-location restaurants and retail businesses. This service allows business owners to track customer satisfaction and receive real-time alerts of unsatisfied customers.

Co-Founders Joe Stanton and John Cohoon know that small business owners live and die by their customer’s satisfaction with the products or services they provide. Word travels fast, especially if you only have a handful of locations in a tight geographic region.

Elevate helps alleviate this risk by providing real-time alerts of upset customers so you can react quickly and swiftly to rectify the situation. Their system also provides intuitive time-series data on customer satisfaction levels at specific locations so owners have the data needed to make business decisions for their company. With multiple locations to monitor, it’s almost impossible to know that your morning shift server at your restaurant 100 miles away is terrible and needs to be replaced. All of this is available at the fraction of the cost of existing market research companies charge today.

In addition, Elevate can distribute it surveys via many different avenues to ensure you have a higher response rate that traditional methods. Receipts, table-top advertising, emails, and even point-of-sale integration are used to compile the data.

Joe and John have been bootstrapping Elevate to date with great results. Long-time corporate retail/restaurant market research veterans, Joe and John got tired of continually turning away small businesses for their over-staffed/over-priced services. They followed a Confluence portfolio company founder trend of working in an industry, recognizing a problem, creating a solution, and returning to that same industry to sell their solution (see iCrime Fighter, KidBlog, and Lockr).

Once paying customers validated the solution and they were looking to grow, Joe was introduced to Ryan by a mutual friend. Ryan immediately recognized the value and the serious talent/experience the founders had. We are also very excited Icon Ventures also recognized this and soon joined the round. Both Ryan and Jeff Hinck will serve on the board going forward.

Welcome Joe and John to the Confluence Crew!

Posted on July 23, 2014 in Companies, Midwest

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