Streetbees began as an app for consumers to take pictures of supermarket shelf layouts and get paid to do so. Consumer brands wanted to know whether or not the supermarkets had really put them on par. The startup quickly realized it could ask consumers how they felt about the brands themselves, and turned their app into a new way to track consumer attitudes. In the face of the pandemic, brands now need tools like this to determine consumer attitudes while stuck at home.
Today it announces a £ 30 million Series B round to expedite its polling platform. In the meantime, 3.5 million consumers record emotions and connections "at the moment" when they deal with brands in the app and receive small amounts in return. With the vast majority of decisions being made offline rather than online, Streetbees offers a unique opportunity to make the offline world visible and searchable.
This round was led by Lakestar and is attended by Latitude, Atomico, GMG Ventures and Octopus Ventures. About 8 of the top 10 consumer goods companies in the world – including PepsiCo, Unilever and Procter and Gamble – use Streetbees in a market valued at an estimated £ 300 billion.
Streetbees CEO Tugce Bulut said in a statement, “Streetbees is building the world's first human intelligence platform with a fully proprietary dataset to index those offline moments in consumers' own words. With this round of funding, we will accelerate the creation of a searchable world where brands can finally decipher human behavior and decipher the real reasons why consumers do what they do. "
Christoph Schuh, Partner at Lakestar, says: “We are very proud to lead Serie B and to accompany Streetbees on its successful journey. The customer research market is largely controlled by an oligopoly of older panel players and has seen little disruption. Streetbees has an innovative, always available way to connect with the customer base on a global scale to quickly and accurately understand evolving needs and behaviors. The uncertainty of the global COVID-19 pandemic has demonstrated the value and need for a real-time suite of products that convert raw data into customer intelligence and actionable insights. "
George Henry, General Partner of LocalGlobe / Latitude, said, “Much like Bloomberg became the platform of choice for professionals needing up-to-date access to financial market intelligence, we always felt that Streetbees would become the facto research platform for brands that need real-time access need to rapidly changing consumer markets. "
Alan Hudson, Managing Partner of GMG Ventures LLP, an investor in the group, stated: “In the current market environment, brands need to receive qualitative, quantitative, real-time and real customer information on a large scale more than ever. Streetbees' global network of dedicated consumers and its AI-based platform provide these insights and enable customers to make decisions at both a strategic and operational level. "