Brands spend an estimated $70B on market research, and this number has continuously increased. So as the budget for market research expands, brands expect better consumer insight than ever before and that’s where Zappi comes in. This cost-effective, AI consumer insights platform delivers insightful and critical information in less than hours. Unlike its competitors, Zappi delivers real-time metrics on all campaigns – large or small – and it sorts and extracts important metadata from any information that clients receive through his or her own research.
London TechWatch spoke with founder and CEO Stephen Phillips to learn how Zappi is minimizing risk by giving brands the tools to make strategic business decisions. Zappi has now raised $22.7M across two rounds.
Who were your investors and how much did you raise?
For our recent round of funding in January 2019, our investors are Cipio Partners. Cipio invested $8M USD in a venture funding round.
Tell us about the product or service Zappi offers.
Zappi is the world’s most powerful automated consumer insights platform. Zappi helps global brands make better decisions to drive business growth, shape product development, and enhance their advertising and branding efforts. Zappi puts consumers at the heart of all brands’ business decisions and eliminates risk.
What inspired you to Zappi?
In 2013, we set out to create an automated insights platform. Our goal has always been to help businesses make better decisions by using the voice of the consumer.
How is Zappi different?
Through Zappi’s platform, which uses automation, artificial intelligence, and machine learning technologies, Zappi can deliver actionable consumer insights within hours at a more cost-effective price. Zappi’s tools offer a variety of services, including real-time metrics on all campaigns, no matter the size; most competitors in the industry can only provide this service for the largest of brand campaigns.
Can you explain what metadata is and why it is so important?
Metadata describes other data, which is to say it provides information about an existing item’s content. For Zappi, metadata is important because it allows us to dive deeper into the information that our clients receive through their research.
Metadata describes other data, which is to say it provides information about an existing item’s content. For Zappi, metadata is important because it allows us to dive deeper into the information that our clients receive through their research.
What market is Zappi targeting and how big is it?
So far, we’ve welcomed prominent Fortune 100 brands as customers to help develop market insights, though we target any market interested in better understanding consumer insights.
What’s your business model?
We have two options for our consumers: a pay-as-you-go option, as well as annual subscriptions.
What was the funding process like?
Like any funding round, it was distracting, but it was also really interesting to listen to investors as they think about your company see it through their eyes.
What are the biggest challenges you faced while raising capital?
We talked to a mix of European and U.S. funds, so it was probably the travel and trying to remember their differing perspectives.
What factors about your business led your investors to write the check?
They knew our industry well. We spoke to a few VCs who were very interested in theory, but it turned out they didn’t really know what we were trying to do, and it took them a long time to get up to speed. Those who know the industry are a lot more excited.
What are the milestones you plan to achieve in the next six months?
In March 2019, Zappi announced a new Global Customer Team, created to ensure Zappi users are set up for long-term success through utilizing the platform’s insights capabilities. The team’s focus will be to ensure customers are equipped to help brands innovate while Zappi continues building platform-based insights tools designed with user empathy and modern marketing context.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
It’s probably worth trying to get it done soon or expect to rely on your own cash reserves for a while.
Where do you see the company going now over the near term?
We have our heads down building new platform features and working closely with select clients. By the end of the year, we should have finished much of what we are working on, and then will start making some more noise and trying to scale faster.
What is your favorite restaurant in London?
NOPI, downstairs. It’s surprisingly intimate; plus, I like being able to peek into the kitchen to watch the magic happen.
