GettyImages 608877629

Latana secures cash injection to grow its mobile platform for product research

GettyImages 608877629

In 2013, Nico Jaspers, who previously founded the market research firm Dalia Research, began to notice a change in consumer behavior: more people were easily reachable through their smartphones. He realized that phones could become a key way to reach people for product research purposes, opening doors to opportunities to hear new opinions.

With this insight, Jaspers teamed up with Fernando Guillen to launch Latana, a platform that auctions mobile ad space to provide users with short research surveys. In a sign that investors continue to believe in the idea, Latana today closed a €36 million (~$35.79 million) Series B funding round – €10 million (~$9.94 million) in debt – led by Oxx and Creos in partnership with Balderton Capital.

“Brand marketing is the single largest cost item left in consumer businesses that is not well understood and measured,” says Jaspers. “We’re solving that problem and giving more visibility not only to brand marketers, but also to executives who are generally interested in understanding brand performance… [Latana] It helps them understand their target audience and predict what people will buy from them rather than their competitor.

To this end, Latana collects data from mobile-optimized surveys it distributes, using an AI system to identify trends that brands want to know about their target audience. The platform seeks to ensure that the changing composition of surveys – eg the makeup of respondents – does not affect empirical results, and it applies algorithms so that drilling down into audience segments does not greatly increase the margin of error.

Latana

Image Credits: Latana

“We are currently building the world’s largest database on brand performance, tracking over 100,000 brands worldwide,” continued Jaspers. “We are seeing a huge increase in demand for analytics solutions that create more visibility into brand performance and expect this to continue.”

Latana is not alone in space. Established rivals include Ipsos, Kantar and YouGov, as well as startups such as Attest, Streetbees and Quantilope. But Jaspers argues that few people focus on brand analytics, which is Latana’s specialty.

“Through our platform, we collect tens of millions of answers per month from millions of users worldwide,” Jaspers said – noting that the platform does not store personal data. “Now is a good time to raise [new capital] Because with tightening marketing budgets, the topic of marketing efficiency is at the top of the agenda for many companies and many brands are looking for solutions. We want to accelerate our go-to-market.

Oxx general partner and Latana board member Michael Johnson added in a statement: “Latana is disrupting the paradigm by providing brand marketers with accurate, timely and affordable brand marketing data powered by novel sampling techniques and advanced statistical processing methods. This presents an enormous market opportunity and we believe Nico and the Latana team are in pole position to build a truly large company.

Latana currently employs a team of around 70 people and plans to double the number of employees next year. The company’s total capital to date stands at €44 million ($43.75 million).

Leave a Comment

Your email address will not be published.