How many times have you gone looking for that list of the top 10 best X, Y and Z’s? For most of us, the answer is “constantly.” Top10 received $3.5 million in its first round of funding led by Accel Partners today to create “best of” lists using social data.
Finding a good list of the best this or that can be a hard task. This is because they are often hard to make. In order to round up a great list of products, the reviewer must first test each product, find and test competitors, categorize the products and finally write the review. There’s time cost, locating and acquiring the product cost and cost to pay someone to write the review. That all adds up. Top10 uses the cheaper favorite, crowdsourcing, to develop these lists almost instantly.
For Top10 to do this, users must first create their own top ten lists. The company then curates a list based on users’ predefined preferences found on their personal, topic-specific lists. For instance, a list of “Top 10 Pixar Movies” was aggregated from 67 different users who all created their own best of pixar lists.
Top10 was founded in 2011, to much concern that the product wouldn’t be able to hold up next to competitors. Dave McClure of 500 Startups showed his hesitance at the Launch Conference where Top10 was unveiled by saying that top 10 lists aren’t new and in order to succeed a company like Top10 will need great game mechanics.
Sonali De Rycker, a partner at Accel Partners, however, describes Top10 as solving a major pain point for consumers.
The company plans to use the funding to expand on its product, along with marketing and new hires.
Top10 company is headquartered in London. Other investors involved in this round include Founder Collective, Idealab, Forward Venture Partners and Shakil Khan.