Total amount raised
$88 Millions
Latest funding date
8/1/2022
Location
Sprig has successfully raised significant funding over multiple rounds, with notable investors such as Accel and Andreessen Horowitz backing the company. The platform offers in-product surveys and usability test power research services, helping companies like Dropbox and Square build better products.
Keep reading to explore the intricacies of Sprig's fundraising journey and the investors supporting this innovative platform.
What Is Sprig?
Sprig, founded in June 2018 by Ryan Glasgow, is based in San Francisco, California. The company specializes in providing in-product surveys and usability test power research services. With a team of 101-250 employees, Sprig leverages cutting-edge technology to help businesses gather valuable user insights.
Sprig's platform offers tools like Concept and Usability Testing and In-Product Surveys, enabling companies to collect real-time feedback on new ideas, designs, prototypes, and existing product experiences. This data-driven approach helps businesses make informed decisions to enhance their products.
By focusing on continuous product discovery and identifying product issues, Sprig supports various teams, including user research, design, and product management, in creating better user experiences. The company's innovative solutions have attracted notable clients like Dropbox and Square.
How Much Funding Has Sprig Raised?
- Seed Round
- Amount Raised: $4M
- Date: September 2019
- Lead Investors: First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Sprig's platform and initial product offerings.
- Series A
- Amount Raised: $16M
- Date: December 2020
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $38M
- Date: June 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: $30M
- Date: August 2022
- Lead Investors: Andreessen Horowitz, Accel, First Round Capital, Elad Gil, Figma Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Sprig's service line, support sales and marketing efforts, and dedicate resources to integrations and partnerships.
Sprig has raised a total of $88M. The current valuation is not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that invests in seed, early, and growth-stage companies. They have a strong track record of backing successful technology startups.
- Investment Focus Areas: Technology, software, internet, consumer, enterprise.
- Notable Investments: Facebook, Dropbox, Slack, Spotify, Flipkart.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm that invests in both early-stage startups and established growth companies. They are known for their significant influence in the tech industry.
- Investment Focus Areas: Technology, software, consumer, enterprise, bio/healthcare, crypto, fintech.
- Notable Investments: Facebook, Airbnb, Slack, Lyft, Coinbase.
- First Round Capital
- Details: First Round Capital is a venture capital firm that specializes in providing seed-stage funding to technology companies. They focus on helping startups grow from the ground up.
- Investment Focus Areas: Seed-stage technology companies, consumer, enterprise, healthcare, fintech.
- Notable Investments: Uber, Square, Warby Parker, Roblox, Blue Apron.
- Elad Gil
- Details: Elad Gil is an individual investor and entrepreneur known for his investments in various successful startups. He has a background in technology and has co-founded several companies.
- Investment Focus Areas: Early-stage technology startups, consumer, enterprise, healthcare, fintech.
- Notable Investments: Airbnb, Pinterest, Square, Stripe, Gusto.
- Figma Ventures
- Details: Figma Ventures is the investment arm of Figma, a collaborative interface design tool company. They focus on supporting companies that align with Figma's mission.
- Investment Focus Areas: Design, collaboration tools, SaaS, enterprise software.
- Notable Investments: Figma (primary focus as it is the venture arm of Figma).
What's Next for Sprig?
Sprig's future looks promising with the launch of upgraded Concept & Usability Testing, which allows companies to test ideas, designs, and prototypes before production. This positions Sprig to capitalize on the growing user experience research market, which has seen a 300% increase in net recurring revenue over the past year. The company plans to use its recent $30 million funding to expand its service line, support sales and marketing efforts, and invest in integrations and partnerships.
As the importance of user-centric product development continues to rise, Sprig is well-placed to attract further investment. The proactive interest from existing investors suggests that future fundraising could be driven by market demand and investor enthusiasm. However, Sprig will need to navigate challenges such as competition from well-funded rivals like UserTesting and UserZoom, and the necessity to continuously innovate to stay ahead in the market.
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