Advertising
This pitch deck helped an agency vet raise $50 million to take on Qualtrics and SurveyMonkey
subscribers.
Become an Insider
and start reading now.
Have an account? .
- Market research software startup Suzy just raised $50 million in Series D funding.
- The round was led by H.I.G. Growth Partners, with others like Rho Capital Partners participating.
- Suzy lets marketers do market research to help with product development and ad testing.
- See more stories on Insider’s business page.
Ad agency vet Matt Britton is taking on the $23.7 billion market research industry.
The former CEO of the Publicis-owned ad agency MRY just raised $50 million in Series D funding for his market research software startup Suzy. The round follows its $34 million Series C round last fall, more than doubling the capital raised to a total of $100 million.
subscribers.
Become an Insider
and start reading now.
Have an account? .
H.I.G. Growth Partners, an affiliate of H.I.G. Capital, led the round, with existing investors like Rho Capital Partners, Bertelsmann Digital Media Investments, Foundry Group, and Triangle Peak Partners participating.
Launched in in 2018, Suzy lets marketers do real-time market research to help with things like product development and ad testing by tapping its consumer panel Crowdtap, which has 1.9 million registered users in the US.
Britton has pitched Suzy as an always-on digital assistant like Siri or Alexa for marketers that can help them do market research faster than existing offerings and bridge the gap between quantitative market research and qualitative consumer interviews.
Britton said the company has 300 enterprise clients including Microsoft, Citibank, Unilever, and KraftHeinz and has increased its average contract value from $75,000 to over $100,ooo in the pandemic.
“In the past, while many brands knew that consumer research matters, it didn’t necessarily drive their decisions,” Britton said. “But the pandemic has really put consumer insights front and center, and made our product that much more important for these large brands.”
Suzy plans use the funding to boost its products, grow its consumer panel, Crowdtap, and expand overseas and to new industry verticals. Ultimately, Britton wants to make Suzy an open platform that developers can build applications on and that marketing technology companies can integrate Suzy into their own operations.
Below is Suzy’s fundraising deck.
Suzy says that brands can get results in minutes from its self-service survey platform.
Suzy
Suzy claims to have a growth rate of 73% year over year and have surpassed $25 million in annual recurring revenue.
Suzy
Suzy says it makes traditional market research more efficient by combining tech with qualitative consumer interviews.
Suzy
Suzy says the consumer insights it uncovers can help brands do everything from test the effectiveness of ads to product development.
Suzy
Suzy also lets companies do long surveys and get immediate insights through Suzy Live, a product it rolled out last year.
Suzy
The company touts multiple use cases, from consumer profiling and pricing research to shopper analysis and brand testing.
Suzy
Suzy says companies can use its consumer panel to get 500 responses in in less than 30 minutes on average and 1,000 responses in under 18 hours.
Suzy
Suzy claims to be cheaper than traditional market research.
Suzy
Suzy claims its monthly recurring revenue in the past 3 quarters rose 108% versus the year-ago period.
Suzy
The company touts its client growth and retention.
Suzy
Suzy says its customer lifetime value, or a customer’s financial worth over time, is $250,000.
Suzy
Suzy says its grown faster than other software companies including Shopify, ServiceNow, and Twilio.
Suzy
Suzy’s leaders include former MRY CEO Matt Britton and Avi Savar, a former partner at early stage VC fund Dreamit.
Suzy
It also has executives from market research giants including Mintel and Kantar.
Suzy