Feedback Loop, the agile research technology company that delivers continuous consumer insights so brands can make critical decisions quickly, today announced the close of its $14M in funding. This brings its total Series A funding to $24M and total funding to date to $29M. The round was led by Crosslink Capital, whose portfolio includes other category-defining companies such as Equinix, Coupa, Chime and Weave. Spider Capital also participated in the round.
The company will use the funds to accelerate product development and drive widespread adoption of its agile research platform. This news follows Feedback Loop’s 2020 hire of CEO Rob Holland, a marketing technology industry veteran who formerly held C-Suite positions at Bluecore and Datalogix. Under Holland’s leadership, the company is on course to ensure that ResTech (research technology) follows similar trajectories as MarTech (marketing technology) and AdTech (advertising technology).
Over the past year, brands across industries experienced first hand the effects of not understanding shifting consumer needs and preferences. Specifically: how a lack of continuous consumer input can negatively affect their ability to adapt their offerings to meet otherwise unpredictable needs.
The challenge for many brands is that consumer research has traditionally been conducted over long periods of time and only semi-regularly, on a project-by-project basis, rather than as part of an ongoing process of discovery and innovation. Technology’s role in transforming this process will be democratizing brands’ access to consumer data so they can learn and act faster.
The Feedback Loop agile research platform achieves this by automating critical research processes, such as generating surveys, sourcing consumers, and analyzing and surfacing insights. It also introduces guardrails to eliminate human error while giving non-researchers direct access to consumer insights in as few as two days, rather than in months. Brands like Farmers Insurance, Humana, Lending Tree, and Uber trust Feedback Loop to bring the voice of the consumer into critical market decisions.
“We’ve long known that to thrive, brands must engage their consumers continuously and constantly adapt their offerings before and after going to market,” said Rob Holland, CEO of Feedback Loop. “2020 punctuated this fact and emboldened our mission to democratize access to consumers’ perspectives. With the support of our investors and growing demand from our new and long-term customers, we’re breaking down the barriers that stand between brands and the consumers they serve.”
Crosslink Capital invests in early-stage market disruptors across enterprise and consumer sectors. It has seen more than 50 successful exits and 16 IPOs, with a portfolio ranging from Vertical SaaS, Fintech, Frontier Tech, and Marketplaces.
“Feedback Loop is the natural bridge between the enterprise and consumer worlds that we monitor and invest in,” said Eric Chin, General Partner at Crosslink Capital, who led Feedback Loop’s Series A round. “They long ago predicted the power of integrating consumer feedback throughout the innovation life cycle. Their technology is now critical to navigating the knowledge chasm that comes with entering and thriving in direct-to-consumer environments. We believe that when there’s no longer a middleman between brands and consumers, Feedback Loop will be what directly unites them.”
Spider Capital invests in seed-stage enterprise cloud companies focused on the digital transformation of industry. Spider has invested in every round since Feedback Loop’s launch in 2016.
Feedback Loop currently caters to companies across industries, with a focus on consumer healthcare, CPG, finance, insurance and media.
About Feedback Loop
Feedback Loop is the agile research platform for rapid consumer feedback. Fortune 500 companies like Farmers Insurance, Humana, Lending Tree and Uber trust Feedback Loop to bring the voice of the consumer into critical market decisions. The company’s technology enables collaboration between product and research teams, so they can learn faster and innovate smarter. Feedback Loop is headquartered in New York City and backed by Crosslink Capital, Spider Capital and Calibrate Ventures.