Investor's $34.5m Buys into MR Platform GetWhy

Danish consumer research tech company GetWhy has secured $34.5m in Series A funding from PeakSpan Capital, in exchange for a 'significant' minority stake in the company.

Based in Copenhagen and established in 2011 as UserTribe, the company was converted from an MR services company to a software-based model, with the new name Sonar, after current CEO Casper Henningsen joined in 2017. In January this year it changed its name to GetWhy to avoid confusion with another company.

GetWhy uses a proprietary AI-powered platform to rapidly gather and analyze qualitative data for consumer brands. Clients can kick off a project by explaining what they want to achieve, and the platform generates a template survey - this can be edited, then shared and promoted to respondents picked by the client or using integrations with global panel companies. Consumers are video interviewed on desktop or mobile, then analysed by Bloom, a GenAI model trained on more than 250,000 qualitative sessions to extract quotes and look for themes. GetWhy says it has invested $30m over five years developing this.

Henningsen (pictured), a former professional footballer with Danish club Silkeborg, says the latest investment is a milestone for the company and 'marks a new era not only for our company but for the field consumer research as well'. He adds: Because of the insights our proprietary AI engine can deliver, companies are now able respond to the need of consumers faster than ever. This will ultimately heighten the consumer experience as a whole'.
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PeakSpan Managing Partner Phil Dur comments: 'From our very first meeting with the GetWhy team, we were inspired and energized both by the quality of the company's solution and the opportunity GetWhy has to change the way that best in class brands think about the qualitative research challenge'.

The company, which had already raised around $30m across a number of rounds, is online at www.getwhy.io .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.