Service Raises $3.1 Million Seed Round Led by Founders Fund

LOS ANGELES, Oct. 13, 2015 /PRNewswire/ -- Service, the on demand startup that handles customer service issues for consumers, closed a $3.1 million seed funding round led by Founders Fund with participation from Menlo Ventures, Maveron, Eight Ventures, Arena Ventures and well known entrepreneurs including Alex Bard, Tikhon Bernstam, Brenden Mulligan and Robin Chan. The new funding round will be used to accelerate software development and drive more consumer adoption. The company closed a pre-seed round led by Arena Ventures in June and, to date, has raised a total of $3.64 million.

"Consumers are sick and tired of waiting on hold, having to fight when they've been wronged by a business," said Michael Schneider, Founder and CEO of Service. "We've experienced incredible growth since launching just 4 months ago and are both protecting brands and delighting consumers everyday."

Service recently crossed an important milestone, saving more than $100,000 for consumers with half of that coming in just the last 30 days. With its social channels driving significant organic growth, Service has seen a wide range of consumers aged between 15-90 using the service successfully especially in the categories of travel, telecommunications and retail. While the company is currently helping resolve issues worldwide, the majority of customer cases originate in the United States, United Kingdom, Canada and Australia.

"Consumers spend countless hours attempting to get customer service issues resolved, often unsatisfactorily. We are excited by Service's potential to apply technology toward solving this massive problem for consumers and businesses alike," said Geoff Lewis, Partner at Founders Fund.

"Service's impressive growth and the positive customer testimonials it has received since launch proves that there's a huge opportunity for continued expansion in this market," said Paige Craig, Partner at Arena Ventures. "We look forward to seeing Service continue to fill the gap in this high frequency problem around customer service and providing both the customer and the business a positive overall experience."

"By being active and responsive on social media, we're able to help and interact with consumers on the platforms they're already on," continued Schneider. "We help bridge the divide between the consumer and the business because fundamentally, businesses want to do better. They want their customers to be happy with their services."  

ABOUT SERVICE
Service is the world's first "on demand customer service." Rather than wasting their own time, consumers around the world, in under a minute, tell Service when a business let them down. Service does the rest, and brokers a fair resolution between the business and the consumer. The company launched in Los Angeles, CA in June 2015.

http://twitter.com/service
http://facebook.com/service
http://getservice.com

ABOUT FOUNDERS FUND
Founders Fund invests in science and technology companies solving the world's most difficult problems. The firm and its partners have been early backers of some of the most prominent companies of the past decade, including SpaceX, Palantir, Facebook and Airbnb. Founders Fund pursues a founder-friendly investment strategy that provides maximum support with minimum interference. More information can be found at www.foundersfund.com.

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SOURCE Service