TempoCap invests $6.7 million in Streetbees: Secondary transaction allows founders, early employees and angel investors liquidity
LONDON, 10th December 2020: Streetbees, the world’s first human intelligence platform, today announces that it has secured an additional $6.7 million of investment from leading technology investors, TempoCap.
The transaction follows Streetbees’ recent $40 million Series B round announced in October, led by Lakestar, to accelerate the development of the AI-driven human intelligence platform.
The new investment from TempoCap, which comes in the form of a secondary transaction, signals to current and prospective employees the significant value of holding shares and options in a company. This is expected to be a major draw for new talent as Streetbees embarks on a significant recruitment drive and continues its international expansion.
The transaction serves as a reminder that holding shares or options in scale-up technology businesses means employees have a real stake in the company they are working to build and do not always need to wait until an IPO to see the rewards for that hard work. With technology businesses now able to stay private for longer as venture capital investment has increased, partial liquidity, in the form of a secondary investment, can be a useful tool to attract, reward, and retain talent.
With its community of 3.5 million consumers capturing emotion and context ‘in the moment’ when they engage with brands, Streetbees uncovers opportunities for businesses by applying deep neural networks to analyse this unstructured data. Advances in data science and the proliferation of smart devices allowing consumers to share their brand experience in real-time have seen eight of the world’s ten largest consumer goods companies – including PepsiCo, Unilever, and Procter and Gamble – rely on Streetbees to provide intelligence they cannot find elsewhere.
Tugce Bulut, CEO, Streetbees, said, “As we start an exciting new phase of growth, we felt now was the right time to reward some of our early stakeholders that have contributed to our success so far. TempoCap are secondary specialists who have demonstrated their passion for supporting high growth, entrepreneurial businesses, and we look forward to a great partnership.”
Adam Shepherd, Investment Partner at TempoCap, said, “We are thrilled to partner with StreetBees as it looks to capture the huge opportunity ahead of it. Streetbees is leading innovation in the market for customer research, thanks to its unrivalled, searchable database of consumer moments, provided by a large global user base. Its end-to-end technology platform indexes that data so that Streetbees’ consumer-centric clients can enjoy a far deeper understanding of consumer behaviour, allowing those clients to be more agile in responding to rapidly changing customer preferences. We believe Streetbees is well positioned to capitalise on its recent compelling market momentum and look forward to working with Tugce and the team to further develop the business.”