Total amount raised
$152.7 Millions
Latest funding date
11/01/2020
Location
UserTesting has successfully raised significant funding over multiple rounds, culminating in its acquisition by Thoma Bravo for $1.3 billion. The platform offers on-demand human insights to help businesses understand customer behavior and improve their products and services.
Keep reading to explore the intricacies of UserTesting's fundraising journey and the investors backing this innovative platform.
What Is UserTesting?
UserTesting, founded in 2007 by Darrell Benatar and Dave Garr, is headquartered in San Francisco, California. The company operates within the consumer research, market research, marketing automation, product management, and SaaS industries.
With an employee count ranging from 501 to 1000, UserTesting provides an on-demand human insights platform. This platform enables businesses to make customer-centric decisions by targeting specific audiences, conducting studies, and engaging in live conversations to understand customer reactions. The insights gathered are packaged into video reels for organizational sharing, enhancing customer experience, brand loyalty, and revenue.
How Much Funding Has UserTesting Raised?
- Series B
- Amount Raised: $3M
- Date: September 2012
- Lead Investors: Kern Whelan Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand UserTesting's market reach and enhance its platform capabilities.
- Series C
- Amount Raised: $45.5M
- Date: January 2015
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand the company's customer base.
- Series F
- Amount Raised: $100M
- Date: March 2020
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen go-to-market and development efforts, increase market share, and expand globally.
- Grant
- Amount Raised: £3.2M
- Date: November 2020
- Lead Investors: Scottish Enterprise
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support innovation and growth initiatives within the company.
Total Amount Raised: $148.5M
Current Valuation: $1.3 billion
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm founded in 1995. They manage over $20 billion in assets and have invested in over 300 companies worldwide.
- Investment Focus Areas: High-growth technology, software companies.
- Notable Investments: Shopify, Twitter, DocuSign.
- Accel
- Details: Accel is a venture capital firm that invests in early-stage and growth-stage technology companies. They have a strong track record of backing successful startups.
- Investment Focus Areas: Early-stage technology, growth-stage technology.
- Notable Investments: Facebook, Dropbox, Slack.
- OpenView
- Details: OpenView is a venture capital firm focused on expansion-stage software companies. They provide operational support to help companies scale.
- Investment Focus Areas: Expansion-stage software companies.
- Notable Investments: Datadog, Expensify, Instructure.
- Greenspring Associates
- Details: Greenspring Associates is a venture capital firm that provides growth equity and secondary investments. They support technology companies in various stages of growth.
- Investment Focus Areas: Growth equity, secondary investments in technology.
- Notable Investments: Grubhub, Chewy, Cloudflare.
- Scottish Enterprise
- Details: Scottish Enterprise is a national economic development agency in Scotland. They support businesses to innovate and grow.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for UserTesting?
As UserTesting looks to the future, the opportunities for growth are vast. With a recent $100 million funding round, the company is poised to expand its global footprint, particularly in Europe and Asia. This expansion is bolstered by the acquisition of Teston, enhancing UserTesting's multilingual testing capabilities. The focus on customer-centricity and continuous feedback aligns with industry trends, positioning UserTesting to meet the growing demand for human insights at scale.
Future fundraising opportunities seem promising, given the significant investment from Insight Partners and other key investors. These funds will likely support further global expansion and product development, ensuring UserTesting remains at the forefront of the market. However, challenges such as integrating new acquisitions, maintaining quality as the platform scales, and navigating diverse regulatory environments in new regions will require strategic planning and execution.
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