We got an exclusive look at the deck market research disruptor Streetbees used to raise $40 million from Lakestar
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- Streetbees, a startup that aims to disrupt market research, has raised £30 million ($40 million) in Series B funding.
- Streetbees compiles millions of users’ data entries to find patterns in their offline behaviour to help its clients.
- CEO Tugce Bulut said: “We weren’t planning to raise this year but needed capital to accelerate our hiring and growth, investors said to us ‘Why are you waiting?’ so we raised the funding.”
- Scroll down to see the startup’s redacted pitch deck.
- Visit Business Insider’s homepage for more stories.
Streetbees, a startup aiming to disrupt market research, has raised £30 million ($40 million) in a Series B funding round.
The UK startup has some 3.5 million users in 190 countries who submit real-life moments to a chat-style app which are subsequently categorized, analyzed, and then distilled by what the company describes as its deep learning AI technology.
The startup, founded in 2015, says it counts Pepsi and Unilever among its clients and pegs the global market at $300 billion. Streetbees claims that, much like Google indexing the internet, much work is still needed to do the same with offline life.
“80% of life is offline so our platform captures real life as it happens at massive scale,” Tugce Bulut, CEO and cofounder of Streetbees, told Business Insider in an interview. “We weren’t planning to raise this year but needed capital to accelerate our hiring and growth, investors said to us ‘Why are you waiting?’ so we raised the funding.”
The company began fundraising in June and closed earlier in October with the entire process taking place over video calls.
“In a way we were using our time more efficiently than flying everywhere,” Bulut said. “We are enacting our 2021 plan early and that means rolling out new markets including financial services and the media and entertainment space.”
The core of the company’s proposition remains the same despite the coronavirus pandemic.
Streetbees already works with food and drink companies to help make predictions about consumer behaviour and interests.
The startup has offices in London, Lisbon and a new office in North America and Bulut says the firm will open local sales offices in a number of new locations. Streetbees also plans to increase headcount from 100 to 230 over the next 12 months.
The funding round was led by Lakestar with participation from existing investors Latitude, Atomico, GMG Ventures and Octopus.
Check out Streetbees’ redacted pitch deck below: