On, 15th of March they have confirmed about the $12 million fundraising. This investment is led by Atomico with participation from all other existing investors including LocalGlobe, Octopus and BGF Ventures. This investment gives Streetbees a new era of doing consumer research.
How raising funds of $12M in streetbees helps them growing:
- They can now invest in core machine learning technology.
- They can now expand their data science teams
- Setup new servers and can expand in new countries.
- Increase in the number of surveys.
- Can increase the amount of doing surveys.
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A recent Streetbees study, carried out in the UK, shows that when any new products come in the market, consumers are almost as likely to prefer to try something created by a small, independent brand than they are a bigger, well-established one (52% — 48% split). This percentage shows that the marketplace has divided into two distinct groups, each having very contradictory characteristics.
As per surveys, small brands shoppers are much more focused on investing and discovering new things. So, 56% people choose these small brands because of their innovative offerings.
In big brands, their consumers think all about quality (69%), trustworthiness(67%) and familiarity (64%) that comes with: ethics, provenance, and integrands which barely register as concerns. Concludes that, brands simply not able to cover the whole market by using a traditional approach to consumer insights. With changing thinking, they need to identify whom they are targetting, and be specific and also have to keep in view of consumer habits.
2018, a year of innovation and era of technology where no one can rely on lengthy and expensive panel discussions. To groom business, they first need authentic insights which must be delivered by customers at the moment of product exposure, purchase and product consumption-, and this the place where Streetbees comes in demand.
For the brand, it’s a game-changing ability to capture people’s lives at scale and analysis. Streetbees allows understanding the bigger picture of consumers.