Consumer data and analytics startup raises US$5 million in latest round of funding

SINGAPORE - 10 November 2021- Milieu Insight, the award-winning consumer research and analytics company, announced that it has secured US$5 million in its latest round of funding led by MassMutual Ventures (MMV) Southeast Asia, with participation from OSK Ventures International Berhad, Genesis AlternativeVentures, as well as several private investors. The firm raised this round of funding on the back of strong growth in 2021 so far, and the funds will be used to bolster product innovation and accelerate the development of new SaaS-oriented consumer insight offerings.

Following the company’s previous fundraise in October 2019, Milieu expanded their commercial operations to cover six markets, including Indonesia, Malaysia, the Philippines,Singapore, Thailand and Vietnam. Funds raised from this round will be allocated to expand Milieu’s reach beyond Southeast Asia.

The company has seen explosive growth over the last two years, which includes growing their mobile app user base from 500,000 users to more than two million in 2020, as well as increasing their customer base by 300%from 45 enterprise customers at the start of 2020 to 180 in October 2021. The company has also quadrupled its monthly revenue since their October 2019fundraise, and 2021 performance indicates Milieu is on track to achieve its projected growth targets.

Milieu recently launched several new products, including an automated brand tracking solution, as well as a programmatic activation offering known as Milieu Activate, which enables advertisers to target mobile ads more effectively.

 Milieu is recognised as a market leader in its field. The firm has garnered nine industry awards since 2019, including Campaign Asia’s Most Valuable Product, Marketing Interactive’s Market Research and Programmatic Agency of the Year, as well as several Mobile Experience (Mob-Ex) awards.

Comments on the fundraising

Milieu Insight’s Founder and CEO, Gerald Ang, said, “As consumer preferences and behaviours evolve rapidly, we see a tremendous opportunity to revolutionise market research to better meet the needs of business leaders today. These funds will help us develop more exciting, innovative products and fuel our expansion. 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”.

On leading the round, Anvesh Ramineni ofMassMutual Ventures, said, “We continue to be impressed with the Milieu team and everything they’ve accomplished over the last few years, especially since the start of the global pandemic. Their solutions are seeing strong demand, and their innovative approach is uniquely positioned to win in the field of consumer insight and analytics. As such, we’re very pleased to continue to work with and support the Milieu team.”

On their participation in the latest fundraising, Amelia Ong of OSK Ventures  said, “Understanding how customers think and feel is fundamental to the success of every business. Milieu’s unique ability to capture actionable insights that help enhance how brands engage with their audience puts them on the leading edge of change in the industry. We’re excited to join  Milieu’s journey  as they continue to scale their offerings beyond the region, especially in capturing new narratives behind the rapidly-evolving consumer behaviour, post-COVID.

About Milieu Insight

Milieu Insight is a consumer research and analytics company that connects businesses directly with their target audience for market research. The company collects consumer opinion data across a multitude of lifestyle topics and sectors through a proprietary mobile app known as Milieu Surveys. Milieu’s customer platform, known as Canvas, offers businesses a wide range of tools for accessing, analyzing, and visualizing high-value and timely consumer opinion data to help power better decision-making and strategy. For more information about Milieu Insight visit: www.mili.eu.  

About MassMutual Ventures

MassMutual Ventures (MMV) is a multistage global venture capital firm investing in enterprise software, cybersecurity, financial technology, and digital health companies. With deep expertise and an extensive Fortune 500network, MMV helps entrepreneurs build compelling and scalable companies of value. MMV has offices in Boston and Singapore, with $450 million under management. For more information, visit www.massmutualventures.com.

About OSK Ventures

OSK Ventures International Berhad (“OSKVI”) is a Malaysia-based private equity company that is listed on Bursa Malaysia (stock code: 0053). We provide equity capital solutions to companies ranging from revenue-generating start-ups to late-stage growth companies seeking capital expansion. For more information, please visit our website: www.oskvi.com. 

Milieu Products at-a-glance

Milieu Canvas
Proprietary customer dashboard that provides real-time access to profiling data or Milieu clients can instantly launch new studies with pre-defined parameters.

Milieu Portraits - Real-time audience profiling data
Subscription-based product that provides clients with instant access to consumer-centric behavioral insights.

Milieu Studies – Fast turnaround, and actionable custom research
On-demand survey platform that allows clients to effortlessly launch research surveys and get results within hours.

Milieu Surveys - Award-winning data collection app
Mobile app that rewards community members for taking surveys, quizzes and participating in hot button topics. 2.5 million downloads to date with subscribers across Singapore,Thailand, Indonesia, Malaysia, Vietnam, and the Philippines.

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