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Tuesday, June 18, 2024

Denmark’s AI-driven consumer insights firm secures $34.5M in Series A funding

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Copenhagen-based consumer research technology company GetWhy has secured $34.5 million in Series A funding from PeakSpan Capital. GetWhy leverages AI to provide rapid, cost-effective consumer insights for leading global brands like Nike, Heineken, and Coca-Cola. This significant investment will enable GetWhy to scale its AI-powered platform and further disrupt the $60 billion consumer research market. The funds will be used to enhance their technology, expand their team, and grow their market presence globally.

GetWhy is disrupting the market for consumer research by leveraging a proprietary AI-powered platform to conduct and analyze insights for consumer brands at scale with unparalleled speed and quality. GetWhy’s platform allows its customers to complete qualitative consumer research at a fraction of the cost of the market alternatives. GetWhy has partnered with PeakSpan for its Series A financing. This $34.5 million commitment is one of the largest Series A financings in Danish history.

Over the past year, GetWhy has experienced hypergrowth by partnering with leading global brands including Nike, Heineken, Coty, The Coca-Cola Company, Adidas, Carlsberg Group, and Unilever amongst others.

On the back of strong momentum and with the Series A financing in hand, founder and CEO Casper Henningsen sees the potential for GetWhy to leverage its progress to date and emerge as the global standard in AI-enabled consumer insights that provide actionable insights with disruptive solution value.

“The investment is a milestone for GetWhy and marks a new era not only for our company but for the field consumer research as well. It enables us to redefine the market on a global scale. 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.”

GetWhy has invested $30 million and spent five years developing its platform and has trained its generative AI model on more than 250,000+ qualitative sessions.

PeakSpan has a long track record of investing in innovative B2B software companies and sees incredible potential for GetWhy.

The consumer research market is a market grossing staggering USD 60 billion and is heavily based on a time and material business model that has seen minimal change over the past 50 years.

GetWhy’s AI platform defines a new era of consumer research. The rapid adoption of the GetWhy platform by global brands confirms that GetWhy is able to offer a superior solution experience to standard approaches and reinforces that GetWhy is driving a new paradigm in consumer research.

By conducting and processing human interviews captured via video, the company has made it possible to deliver human insights ten times cheaper than conventional research companies – while maintaining a quality on par with human craftsmanship, delivered within a fraction of the time.

CEO Casper Henningsen sees PeakSpan as an ideal partner for GetWhy, “Since we initiated dialogue, we have experienced PeakSpan’s idealist mission to be partner of choice. They made it so easy for us to choose, as we have only been met with dynamic and competent sparring and a lot of enthusiasm and dedication. PeakSpan saw the true potential of our platform from the get-go. We found PeakSpan to be a perfect fit for GetWhy given the firm’s domain expertise, long track record of success working with global entrepreneurs, and the firm’s unique approach to helping its partner businesses build resilient value and leadership.”

PeakSpan’s Managing Partner Phil Dur shares Henningsen’s optimism and sees an opportunity for GetWhy to redefine the consumer insights arena:

Phil Dur, Co-Founder & Managing Partner, PeakSpan Capital, states, “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.”

GetWhy was advised by FIH Partners and Accura in raising the capital.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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