SurveySparrow raises $1.4 M in seed funding from Prime Venture Partners
Cloud-based customer experience platform, SurveySparrow, on Tuesday said it has raised $1.4 million in seed funding from Prime Venture Partners. The SaaS startup said it will use the fresh funds in product development and to continuously improve its platform.
SurveySparrow allows users to create and share mobile-first and conversational surveys. Since its launch, SurveySparrow has conducted over 20,000 surveys with over 8,000 customers in 108 countries for partners including DiDi, PaySafe, FedEx, Deloitte Digital, SAP, and Siemens.
(L-R) Shihab Muhammed, CEO & Subin Sebastian, CTO, SurveySparrow
In a statement, the startup said it is on target to clock more than 20,000 customers by the end of 2019.
Also read: Prime Venture Partners raises $60M
The company is planning to hire extensively across engineering, product development, marketing, and inside sales in the coming months, following the funding round.
US-based SurveySparrow was founded in October 2017 by Freshworks veteran Shihab Muhammed and ex-Zoho employee Subin Sebastian, and has offices in Kochi and Palo Alto.
Speaking on the ideology behind starting up, Shihab Muhammed, CEO and Co-founder, SurveySparrow, said,
“We are bullish on customer experience becoming a crucial decision point in choosing the right service, with the world moving towards a subscription service economy. We believe customer experience will be the biggest factor influencing buying decisions, and we want to offer the best-in-class experience at a fraction of what it would cost to our global counterparts.”
According to the founders, the idea for SurveySparrow sprang from Shihab’s own habit of ignoring surveys because the unoriginal survey questionnaire failed to engage him. Therefore, he thought of creating a better platform for surveys that is more engaging with higher survey completion rates. That led to the genesis of SurveySparrow. The founders also stated that SurveySparrow’s software sees a completion rate of 40 percent.
Amit Somani, Managing Partner, Prime Venture Partners, said,
“Customer experience software is stuck in the 2000’s era. Consumers have moved to smartphones and conversational interfaces, especially in the last few years. SurveySparrow has built a mobile-first, conversational survey platform. Whether its consumers, employees, or marketers, we believe a highly engaging survey platform will be the cornerstone to measure and improve the brand experience. ”
With Conversational User Interface (CUI), SurveySparrow lets users create and share engaging, mobile-first surveys and has a built-in automation that allows organisations to manage customer experience surveys, employee pulse surveys, and market feedback surveys.
According to Founder's Research, the global online survey software market is valued at $4.065 billion, and is expected to grow at a CAGR of 11.25 percent to reach a market size of $6.929 billion by the year 2022.