New York-based real-time MR software platform Suzy has closed a $50 million Series D funding round, more than doubling the total is has raised to date.
The firm was founded in 2018 by current CEO Matt Britton, and combines advanced survey and project management tools with its own audience of consumers to offer rapid turnaround research. Recent launches include video-based consumer interview solution SuzyLive and audience-powered research tool Suzy Solutions; and this year the firm has taken on senior staff from Kantar (Laima Widmer) and Nielsen (Amy YaWen Chiu). In May, Katrina Engelman joined as Chief Marketing Officer.
The $46m it had raised prior to this week's announcement included a Series C round begun with $12m in February last year and topping out in the autumn at a total of $34m. The new funding round was led by H.I.G. Growth Partners, an affiliate of H.I.G. Capital, and was joined by existing investors Rho Capital Partners, Bertelsmann Digital Media Investments, Foundry Group, Triangle Peak Partners and North Atlantic Capital.
Suzy, which has passed $25m in annual recurring revenue and nearly tripled headcount since the onset of the pandemic, says its growth is fuelled by a portfolio of nearly 300 marquee global enterprise customers including Microsoft, Citibank, Unilever and KraftHeinz. The latest funds will help to bolster its product offerings; grow its proprietary consumer panel; expand geographically and into new sectors; and further speed sales and marketing efforts.
Britton (pictured) says of the news: 'We have always believed that consumer centricity is at the heart of a successful strategy for any modern enterprise. Today's businesses are no longer built from the mandates in the boardroom, but from the voices on the sidewalks where the rapidly evolving preferences and behaviors of the new consumer are driving tomorrow's successes and failures. We are thrilled to add H.I.G. Growth Partners to our already prestigious group of investors and advisors helping to guide this meaningful journey'.
Eric Tencer, MD of H.I.G. Growth Partners, will now join Suzy's Board of Directors, and says the company's 'disruptive market-leading SaaS agile research and consumer insights platform has tremendous momentum in the market'.
In addition, former Nielsen, P&G and Cardlytics exec Randall Beard, who is an individual investor in the Series D round as well as an advisor to H.I.G., will join Suzy to lead a newly formed Customer Advisory Board. Suzy also recently added Sofia Hernandez, Head of North America Business Marketing at TikTok, to its Board of Directors.
Web site: www.suzy.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.