Zappi Secures $170 Million to Expand Consumer Insights Platform
LONDON; BOSTON, Dec. 13, 2022 – Zappi, a prominent consumer insights platform that caters specifically to creators, has made headlines by securing an impressive $170 million in growth capital. This funding round was led by Sumeru Equity Partners, alongside additional co-investors. This strategic financial injection is particularly noteworthy in light of the momentum Zappi has experienced over recent years, allowing the company to expand its workforce to more than 300 employees spread across 13 countries. Founded in 2012 by veterans of the market research industry, Zappi has established collaborations with over 350 global enterprises, including recognizable names like PepsiCo, McDonald’s, Heineken®, and Reckitt, to provide essential consumer insights during every phase of the creative process, especially pre-launch.
The innovative platform offered by Zappi utilizes artificial intelligence to deliver research insights in a matter of hours, rather than weeks, significantly boosting the efficiency of the creative process.
It empowers creators to compare their studies against a staggering 1.2 billion historical data points, enabling them to validate and optimize their best ideas before launching them into the market. Steve Phillips, the CEO and co-founder of Zappi, articulated the company's bold vision, stating, “We want to digitize consumer insights for every enterprise.” He emphasized that a mere 3% of the market research industry is currently digital, leaving a vast majority under the control of traditional, slow, and expensive service-based companies. With this funding, Zappi aims to further its mission of becoming a single source of truth for enterprises, ensuring that creators have immediate access to the insights they need to make informed decisions.
As part of this investment, Sumeru Equity Partners will provide not just financial resources but also expertise in scaling partnerships and operational strategies to Zappi. This partnership comes amid an increasing demand for consumer insights, driving billions in annual expenditure on research. Sanjeet Mitra, George Kadifa, and Sofija Ostojic from Sumeru expressed their enthusiasm for collaborating with Zappi, recognizing the transformative potential of their technology to enable real-time collaboration between enterprises and consumers and to enhance decision-making processes. The partnership is expected to accelerate Zappi's growth as the go-to software platform for agile consumer insights, allowing it to broaden its data sets, capitalize on emerging technologies like AI and natural language processing, and expand its global team to foster greater customer success.
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