D.C.-based Morning Consult announced a $31 million Series A funding round at a $306 million valuation led by Lupa Systems and Advance Venture Partners to further accelerate its transformation of the market research industry.
According to a release “Revolutionizing how data is used by leaders in business, economics and politics to make decisions, Morning Consult’s proprietary technology delivers thousands of daily global interviews to provide insight into what people think in real time.
“Morning Consult’s exponential growth is a testament to its approach. Starting with just $30,000 in 2014, Morning Consult has bootstrapped with angel capital over the past five years to a $50 million run-rate, and in this year’s first quarter alone, increased its year-over-year growth rate 123 percent. The company counts more than half of the Fortune 500 as clients.”
“For decades, legacy market research firms have failed to evolve, creating a critically unmet need for innovation,” said Michael Ramlet, co-founder and CEO of Morning Consult. “This investment enables us to more aggressively address that unmet need in the communications, marketing, insights, and strategy functions.”
The release added: “Named one of the fastest growing technology companies in North America, Morning Consult’s commitment to data intelligence across business, economics and politics is featured in its product suite. Morning Consult Brand Intelligence (MCBI), the company’s flagship product, features daily tracking of key brand metrics for nearly 4,000 brands in 15 countries. Complementing MCBI is Morning Consult Economic Intelligence, offering a daily gauge of consumers’ confidence in the economy, businesses and their own financial futures. With the presidential campaign underway, Morning Consult Political Intelligence continues to deliver unrivaled insight into dynamics across all legislative levels.”