This pitch deck helped an agency vet raise $50 million to take on Qualtrics and SurveyMonkey
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- 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.
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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.
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.