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Market research firm GlobalWebIndex, which provides consumer insight data for marketing purposes for customers including Google, Spotify, WPP, IPG and Omnicom Group, has closed a $40 million Series A round. The funding is its first VC raise, almost a decade after the business was founded.
The investment comes from New York-based growth fund Stripes Group, along with a number of other unnamed data, software and consumer technology companies. GWI says it will be used to accelerate product development and for international expansion, including in the U.S. and Asia.
Company - London - Offices - New - York
The company is based in London but has recently opened offices in New York City and Los Angeles, as well as having technology hubs in locations across Europe.
With the new funding it says it’s planning to open more international offices across the Americas and Asia Pacific to support a client base which spans more than 80 countries.
VC - Years - Funding - Growth - Expansion
But why take VC now? “After nine years with no funding and seeing phenomenal growth and expansion, we are still seeing an increasing demand for our data, especially from companies that we haven’t traditionally sold to,” says CEO Tom Smith.
“The new funding will support our product development and hiring efforts so we can establish ourselves as the go to platform for digital consumer insights for the marketing industry.”
Company - Side - History - Route - Chunk
The company believes it’s positioned itself on the right side of digital history, having chosen an opt-in, survey-based route for gathering a chunk of its consumer data for market research purposes — putting detailed questions to its global panel of 22 million web users from whom it’s gaining up front consent to their data being processed.
Europe’s new data protection framework, GDPR, is explicit on the need for consent to be informed, specific and freely given if that’s your legal basis for processing people’s personal data.
Product - Development - Front
On the product development front,...
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