Market Research Software Platform Suzy Raises $50 Million

By Noah Long ● Aug 8, 2021
  • Suzy recently announced it closed a $50 million Series D funding round. These are the details.

Suzy — a leading market research software platform — announced recently that it closed a $50 million Series D funding round led by H.I.G. Growth Partners, an affiliate of H.I.G. Capital and joined by existing investors Rho Capital Partners, Bertelsmann Digital Media Investments, Foundry Group, Triangle Peak Partners, and North Atlantic Capital. This funding round more than doubles Suzy’s funding raised thus far, bringing total funding to nearly $100 million.

In only 3 years since its 2018 launch, Suzy has now surpassed $25 million in annual recurring revenue in a faster timeframe than some of the world’s most valuable software companies, including Shopify, ServiceNow, and Twilio. And Suzy’s explosive growth is fueled by a portfolio of nearly 300 marquee global enterprise customers, including Microsoft, Citibank, Unilever, and KraftHeinz. Suzy is committed to enabling human understanding, unlocking data-driven decisions at the speed of culture for the world’s leading brands.

After a $34 million Series C round closed last fall, the company launched Suzy Live — the only in-market solution that allows enterprise customers to connect quantitative research with qualitative in-depth virtual consumer interviews. This latest round of funding will bolster Suzy’s product offerings, grow Suzy’s proprietary consumer panel, and expand rollout internationally and to new industry verticals. After the company nearly tripling the number of employees since the onset of the pandemic, Suzy will also invest in further accelerating sales and marketing efforts.

With this funding round, Eric Tencer (Managing Director of H.I.G. Growth Partners) will join Suzy’s Board of Directors. And in addition, Randall Beard (an individual investor in the Series D round) will also be coming on board to lead Suzy’s newly formed Customer Advisory Board.

Beard had previously served as the Global President, CEO, and General Manager of the Global BASES Business at Nielsen and previously held senior executive appointments at Procter & Gamble and American Express. The company also recently announced the addition of Sofia Hernandez, Head of North America Business Marketing at TikTok, to its board of directors.

KEY QUOTES:

“We have always believed that consumer centricity is at the heart of a successful strategy for any modern enterprise. Today’s businesses are no longer built from the mandates in the boardroom, but from the voices on the sidewalks where the rapidly evolving preferences and behaviors of the new consumer is driving tomorrow’s successes and failures. We are thrilled to add H.I.G. Growth Partners to our already prestigious group of investors and advisors helping to guide this meaningful journey.”

— Matt Britton, Founder, and CEO of Suzy

“Suzy’s disruptive market-leading SaaS agile research and consumer insights platform has tremendous momentum in the market. We are excited to partner with Matt and the entire Suzy team as they continue to invest in building transformative solutions for their blue-chip global customers.”

— Eric Tencer from H.I.G. Growth Partners