While the value of customer data and research is undisputed, organizations are often not able to effectively leverage these insights across various departments and functions within a company. EnjoyHQ is the data repository that stores research and qualitative data from users, which is often generated from sources such as surveys, emails, live chat logs, and social media. The data can be segmented and manipulated into visualizations and charts, allowing product teams to identify trends, generate insights, and plan improvements. Already being used by companies such as Booking.com, EnjoyHQ is making the research work for the organization rather than having the organization work to consolidate and understand the research.
London TechWatch spoke with Sofia Quintero about creating the tool built for product teams and its recent round of funding.
Who were your investors and how much did you raise?
We raised $2M in a seed round led by Point Nine Capital and joined by investors The Venture City, LocalGlobe, Faber Ventures, Kibo Ventures, Techstars, and Social Capital.
Tell us about the product or service EnjoyHQ offers.
Our platform helps organizations centralize all research data, identify themes, and use powerful search capabilities to discover insights, align different teams on product direction, and build better experiences as they develop new features for their products and services.
What inspired you to start EnjoyHQ?
I’ve worked in many roles and industries all the way from CX consultancies, digital agencies, and growth roles in technology companies. Regardless of the size or sector of the company, I found the same pattern over and over again. Most employees didn’t know where to find information about any customers, each department uses a different tool to talk to customers, every department is producing some sort of customer or use research report and all that data lives in different places. In every case, I found that answering the most basic questions like: “Does anybody know if we have done research on a particular topic” can trigger a huge amount of digging documents and messaging colleagues across the board. This was painful enough for me to start looking for a better way to connect the dots when it comes to customer research. Today businesses need a better way to stay relevant and getting closer to customers is the way forward.
How is EnjoyHQ different?
EnjoyHQ helps make researchers more efficient, enabling faster innovation on new features by putting the most expensive headcount in a company (developers) on the top features for their business. EnjoyHQ also makes it easier to share research insights with team members and contribute to a culture that promotes learning from customers.
What market is EnjoyHQ targeting and how big is it?
We help companies of all shapes and sizes improve their user experience. UX is a big priority for software and subscription businesses as their recurring revenue model is predicated on delivering new value over time, but the overall market for EnjoyHQ is almost limitless as user experience continues to be one of the most important ways for companies to differentiate their digital products and services from competitors.
Who do you consider to be your primary competitors?
We don’t yet have a direct competitor offering what we give our customers, although I expect more to enter this market as we continue to grow and show success. Confluence and Airtable are two companies in our space, but their solutions don’t scale to when it comes to communicating insights and connecting the dots among multiple research projects in the organization.
What’s your business model?
We’re a B2B SaaS company, meaning we sell directly to businesses who recognize the importance and value of centralizing research in a repository. We utilize a self-service model with a free 14-day trial that anyone can sign up for; we also offer organizations with established research teams additional help in the form of product demos, guided onboarding, and data migration assistance.
What was the funding process like?
We got a very positive reception when we started to raise money. It was a much better process and experience than I expected. I’ve also known some of our investors for a while, working at other portfolio companies they funded.
What are the biggest challenges that you faced while raising capital?
Building a new category is exciting and very challenging. You need investors who believe in the vision and are truly committed to the long-term strategy. It took us a while to close the round, but we are very lucky to have a variety of investors that not only understand the vision but also are happy to get their hands dirty and help in any way possible.
Building a new category is exciting and very challenging. You need investors who believe in the vision and are truly committed to the long-term strategy. It took us a while to close the round, but we are very lucky to have a variety of investors that not only understand the vision but also are happy to get their hands dirty and help in any way possible.
What factors about your business led your investors to write the check?
I think our background and the opportunity felt right. We also had traction with great companies and a great retention rate. So as usual, it was a combination of many factors.
What are the milestones you plan to achieve in the next six months?
Over the next six months, we plan to build out our marketing and operations teams in the United States, as well as continue building our user base with companies from all around the world.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
If you know you have a good idea, product, and team and that you’re serving a very large market, show discipline and stay your course. Don’t give up. You can take the business far without capital. Wait until you have the most leverage before raising capital. Get to the point where you set the terms.
Where do you see the company going now over the near term?
We’re seeing sales ramp quickly in the Americas, both North and South. With the new funding, we’ll try to accelerate those sales and also bolster our go to market team.
What is your favorite restaurant in London?
Ceviche in Soho is my favorite – they have the best ceviche in the world!
