CHICAGO, Sept. 9, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $7.5 million credit facility to Chicago-based PowerReviews, a leading provider of ratings, reviews, and question-and-answer technology. Proceeds of the credit facility will provide working capital to support the company's growth.
Working with more than 1,000 brands and retailers, the PowerReviews Consumer Engagement Engine allows brands and retailers to collect customer reviews and feedback, promote and syndicate that content to major retailer sites and search engines, and gather analytics and insights to improve products and services. PowerReviews was also recently recognized as a top service provider to the Internet Retailer 500.
"Reviews are an essential part of the marketing mix, and they are increasingly having an impact on all channels: online, mobile, social and in-store," said Matt Moog, CEO of PowerReviews. "With support from partners like Square 1, PowerReviews is in an excellent position to help brands and retailers navigate this complex consumer engagement environment."
Ryan Dammeyer, managing director of Square 1 Bank's Midwest region, added, "Consumer reviews have become an important part of the consumer journey in purchasing anything from toys to apparel to office supplies online or in-store. PowerReviews' technology makes this step meaningful for not only the consumer but the retailer and ultimately the brand or manufacturer. Square 1 Bank is proud to work with Matt and the whole PowerReviews team and looks forward to supporting the company's continued growth."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, and Washington, DC. For more information, visit www.square1bank.com.
About PowerReviews
PowerReviews, founded in 2005, delivers a leading Consumer Engagement Engine that helps companies engage with consumers everywhere at the moment of purchase. Working with more than 1,000 brands and retailers, PowerReviews allows brands and retailers to collect customer reviews and feedback, promote and syndicate that content to major retailer sites and search engines, and gather analytics and insights to improve products and services.
PowerReviews' true Software-as-a-Service solution helps brands and retailers continually improve efforts to get consumers engaged. For more information, visit www.powerreviews.com.