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$35m to Fund GMI Expansion
Online panel and software company GMI (Global Market Insite, Inc.) announced today that it has raised a further $35m to fund its expansion, leaving it 'well-positioned to reinvent the market research industry' according to Chairman and CEO Rob Monster.
The Series C venture capital financing round was led by Technology Crossover Ventures (TCV), with FTVentures and Voyager Capital electing to increase their respective stock holdings in GMI. Greg Stanger, venture partner at TCV and former CFO of Expedia, will join GMI's board of directors.
Since its previous round of funding, $13.2 million agreed in April 2005, GMI has grown rapidly both organically and by acquisition. In mid-September last year it announced the acquisition of three companies - Seattle-based NetReflector, Insight in Shanghai, China, and MI Pro AS in Drobak, Norway (www.mrweb.com/drno/news4584.htm ).
Stanger comments: 'The rapid mainstreaming of online market research, as well as the growing use of the Internet as a platform for market research management, makes this investment decision an easy one for TCV. GMI has done an amazing job of recognizing the critical pain points and challenges that market researchers experience...'
GMI's Founder, Chairman and CEO Rob Monster says GMI is 'well-positioned to reinvent the $22 billion market research industry with our Enterprise Research Management (ERM) platform at the core of our vision', but adds that the firm remains committed to its 'enduring partnerships' with full-service market research firms. 'GMI is not a market research firm, will never become one and will not be acquired by one. We strongly believe that to deliver great research, clients will need to be able to draw on the consultative insights of trained research professionals who have domain expertise in the client's business. By providing the software, global panels and off-shore production capacity, GMI enables researchers to focus on being great researchers.'
GMI says a 'significant proportion of the funds' announced today will be invested into accelerating the global growth of its online specialty panels, including youth, medical and IT, amongst others. The company was founded in 1999 with world headquartersin Seattle, Wash. And home page at www.gmi-mr.com . Palo Alto, California-based Technology Crossover Ventures (TCV) specialises in providing growth capital to technology companies and is online at www.tcv.com .
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