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$10m for Consumer Trend Spotters
US consumer trend research firm Iconoculture has secured $10m in a financing round led by venture capitalists WaldenVC, with Venture Strategy Partners and General Mills as additional investors. The company will use the funds to expand its product range and geographic reach.
Iconoculture uses observational research to uncover consumer trends and motivations across multiple demographics and 14 lifestyle categories. According to Dan Frawley, CEO of Iconoculture, the company's research 'enables clients to create innovative products, services and promotions that resonate with consumer passions'.
Frawley says the company plans to use the $10m to market new products, such as its newly developed multicultural service, as well as expanding its current offerings.
Phil Sanderson, a General Partner at WaldenVC, explains the reasons for his company's investment: 'Our due diligence on this investment told us very clearly that corporations need the early warning system that Iconoculture provides'.
The companies' web sites are at www.waldenvc.com and www.iconoculture.com.
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