Platform helps global brands like Unilever, PepsiCo, BBC World Service predict future trends
London-based startup StreetBees has received backing from the co-founder of Skype, among others, in a $12m (£8.6m) fundraising round. Existing investors include LocalGlobe, Octopus and BGF Ventures.
The funding will help the consumer insights platform further develop its core machine learning technology and launch its office in the US.
With over 1m users, or ‘bees’, across 150 countries, StreetBees customers— including global brands like Unilever, PepsiCo, BBC World Service, Vodafone and L’Oreal — are able to make more informed and accurate decisions about consumer behaviour, and predict future trends with confidence.
Talking about their business model, Tugce Bulut, CEO of Streetbees, said: “Human behaviour is too complex to standardise and understand with multiple-choice questions and automated analysis, but this is what most research groups dish up time and time again. International companies need deep insight into unique drivers of human behaviour to be able to understand their customers and grow into new markets. Streetbees, which is backed by some of Europe’s smartest investors, captures the detail within people’s lives at scale and analyses it, helping companies both understand the bigger picture and act like an innovative start-up that has intimate knowledge of local markets.”
Carolina Brochado, the Atomico Partner who led the investment, said, “Traditional market research is slow, rigid and expensive, costing brands $44bn globally every year to produce consumer insights that are often woefully out-of-date by the time they are delivered. As consumers we expect an always-on approach to service from the brands we love, yet to date it has been impossible for brands to achieve an always-on approach to understanding their customer’s needs and behaviour.
“With Streetbees, we have found the world’s first real-time technology-enabled customer insights platform – giving brands dynamic responses, from real customers, for a fraction of the cost and time taken by traditional incumbents. Streetbees has fundamentally changed the way international companies can engage and understand their global consumer base,” she added.