Streetbees, the UK-headquartered developer of a digital behaviour analysis platform, completed a $40m series B round on Wednesday that included GMG Ventures, the corporate venturing arm of Guardian Media Group.
Lakestar led the round, which also featured fellow venture capital firms LocalGlobe, Atomico and Octopus Ventures. It increased the company’s overall funding to more than $57m.
Founded in 2015, Streetbees is the creator of a social mobile app with more than 3.5 million users who are encouraged to upload and share photos videos and text concerning their lives.
The company then uses natural language processing technology to analyse the data in order to get a picture of why people behave and respond to different stimuli in various ways, and sells that information to consumer goods brands.
BGF Ventures led the company’s $5.1m seed round in 2017, investing alongside Octopus Ventures and LocalGlobe. All three returned for a $12m series A round led by Atomico in March 2018, and Streetbees’ other backers include Jamjar Investments.
Alan Hudson, managing partner at GMG Ventures, said: “In the current market environment, more than ever, brands need to obtain qualitative real time human insights at scale.
Streetbees’ global network of engaged consumers and its AI based platform provide these insights and power its clients decision making, both at the strategic and operational levels. We believe the team’s talent and focus further enhance its positioning as a true disruptor in the market research sector.”
