US-based work application (app) resource BestVendor secured $3m in series A funding yesterday in a round jointly led by Softbank Capital, the venture capital (VC) firm affiliated with internet and telecom conglomerate Softbank and VC firm RRE Ventures.
Also participating in the round were VC funds Lerer Ventures and Founder Collective, private equity fund Old Willow Partners, and the managing director of startup accelerator TechStars, David Tisch.
Softbank and Lere previously participated in BestVendor’s seed round, which raised $600,000 in June from investors also including angel investment fund SV Angel and Peter Thiel.
Founded in January, BestVendor provides a service allowing business professionals to find the best available business apps through a user recommendation-based system. BestVendor launched a beta version of its site last month and plans to use the financing to establish itself as the clear market leader in the review and recommendation of work apps.
Joe Medved, partner at SoftBank Capital, said: "Our portfolio companies always ask us about the products that their peers are using, and what’s working for them. BestVendor is serving this universal need among [small and medium sized businesses] through a scalable, peer-based review system."