The funding round was joined by other investors including OSK Ventures International Berhad and Genesis Alternative Ventures, among others.
Milieu Insight will be using the funds to boost product innovation and fast-track the development of new SaaS-oriented consumer insight offerings. The startup will also be looking at expanding beyond Southeast Asia.
Since its last funding round in October 2019, Milieu Insight has expanded its commercial operations to Indonesia, the Philippines, Malaysia, Thailand, and Vietnam. The startup has seen significant growth in the last two years since its last round of funding the firm’s revenue has quadrupled. Its mobile app user base has also increased to more than two million in 2020 as compared to 500,000 in 2019.
Besides that, the startup has recently launched an automated brand tracking solution and a programmatic activation, Milieu Activate that enables advertisers to target mobile ads more effectively.
According to founder and CEO, Gerald Ang, “We have demonstrated sustained growth and this is a testament to the resilience in our business model. COVID-19 has accelerated the rise of the digital economy and we will continue on with our mission to use technology to empower organisations to connect with consumers at a deeper level. In time, we hope to inspire change globally by sparking meaningful conversations between brands and their customers around the world everyday.”
Milieu Insight founded in 2016 by Gerald Ang is an independent market research firm that uses analytics and opinion data to visualize the milieu. The startup is collecting millions of data points through a mobile survey app across a wide spectrum of consumer topics, offering instant access to businesses to visualize their consumers, in real-time. The firm’s data engine leverages its exclusive technology to convert an extensively readily accessible data set into highly visual insights.
Headquartered in Singapore, Milieu Insight presently has a team of hundred people across its offices in Southeast Asia. The startup has also received industry awards since 2019, including various Mobile Experience awards, and Marketing-Interactive’s Market Research and Programmatic Agency of the Year award.