QualSights will now be able to introduce its technology to more brands and to further propel its growth in the American market after it raised $7.7 million in additional capital.
Its series A funding round was led by 4490 Ventures, an early-stage venture capital firm that is based in Madison, Wisconsin.
Dan Malven, Managing Partner at 4490 Ventures, said he is pleased to have witnessed QualSights’ unprecedented approach as well as its growth in the field of consumer insights.
“QualSights’ team has created a suite of technologies that address a major gap in consumer behavior understanding. These advances will allow brands to get access to data they’ve never had before and truly understand how everyday people use products post-purchase. It is a brilliant, globally scalable and defensible innovation,” Malven said.
QualSights, the fastest growing insights company in America, is a technology platform that helps brands grow using patented technology that captures offline consumer behavior data while removing the limitations that keep brands from generating richer insights.
It is a trusted partner by many Fortune 500 clients in CPG, pharmaceutical, technology and other industries as it helps with product innovation, renovation and optimization around the world.
Nihal Advani, its Founder and CEO, said that working with 4490 has been an exciting and important step in the QualSights story as he also looks forward to their continued success with the help of their new partner.
Advani said series A will allow them to introduce their technology to more brands as it also propels QualSights as the leading insights technology platform.
With fresh funds, they will now be able to accelerate hiring to expand their sales and marketing teams while continuing to further invest in R&D.
Joining Advani and Malven on the QualSights Board of Directors are industry veterans Mitch Barns(former CEO of Nielsen), Gian Fulgoni(former CEO of IRI and Comscore),Rishad Tobaccowala(former Chief Growth Officer of Publicis Groupe),Sanjay Khosla(former President of Kraft Foods) and Mohanbir Sawhney (Associate Dean at Kellogg School of Management).
QualSights that is based in Chiacgo has received a series of accolades this year, including its ranking as the fastest growing company in Illinois, the fastest growing software company in the Midwest and the ninth fastest growing software company in the US, by Inc. 5000.
The company was also recently recognized as the #1 Qualitative Research Supplier worldwide by GreenBook, a highly esteemed industry insights organization that recognizes standout companies in its GRIT Report.