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Unvarnished Raises $1.2 Million And Opens The Floodgates

October 19th, 2010 10:59 admin Leave a comment Go to comments

Unvarnished is all grown up.

The self-described reputation management site, which allows professionals to pseudo-anonymously submit reviews on their peers, has just renamed its site to “Honestly” and raised $1.2 million from several high-profile firms including First Round Capital, Ron Conway’s SV Angel, Charles River Ventures. The round also includes individual investors, like Joshua Schachter, Travis Kalanick and Richard Chen. The corporate entitle is still officially named Unvarnished, but in terms of identity and brand the company will go by Honestly.

Significantly, for the nature of the Honestly community, founder Peter Kazanjy is officially opening the site to any professional. Previously, access to Unvarnished has been limited to invite-only or professionals from a list of roughly 200 pre-approved tech/tech-related companies.

In a press release this Tuesday, the company says, “Based on the professional, honest, and nuanced review content that has been contributed by the community over the past six month, we’re confident that now is the right time to take this next step.” As evidence of the community’s health, Honestly points to recent statistics: Over the last six months , the review distribution— which is numerically based on a 5-star rating system, with 5 being the top score— shows that 61% of ratings feature a 5 star rating, with only 2% of ratings showcasing the dreaded 1 star review.

Founder Peter Kazanjy said the bulk of the money will be deployed to expand Unvarnished’s engineering team and to enhance product development.

Source: Unvarnished Raises $1.2 Million And Opens The Floodgates

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