HomeFundingSwedish Stravito, a search engine for market intelligence, raises €5.6 million

Swedish Stravito, a search engine for market intelligence, raises €5.6 million

Keeping track of market insights and making them accessible to all employees is a problem faced by companies big and small. Stockholm-based startup Stravito‘s SaaS solution helps global consumer packaged goods companies gather, structure, and search their market intelligence, helping them to make better data-driven and strategic decisions.

Founded in 2017 by former iZettle executives, Stravito has raised a late seed round of €5.6 million from Amsterdam-based VC firm henQ, together with existing investors Inventure and Creades. The funding will be used to further expand the company’s mission to improve the use of market intelligence in consumer goods companies.

Stravito’s service is like an internal search engine, where a company’s sales and marketing intelligence is stored securely in the cloud and made searchable and therefore accessible to the business’s entire global workforce. Employees can work more efficiently with insights, and knowledge remains intact within the company even when employees move on. Thus consumer goods companies can adopt a more data-driven way of working and more market insights can be turned into strategies that can provide immense competitive advantages.

“Looking globally across all industries, more than $58 billion is spent on market research and insights every year,” said Thor Olof Philogéne, CEO and founder at Stravito. “How this information is used will determine the fate of these companies. But using insights and knowledge efficiently is something most global giants struggle with. In just 18 months, we have onboarded seven global consumer goods companies, including French dairy giant Danone, and we see an enormous amount of interest from the market. With this investment, we will continue developing our service and meet the great interest we see.”

Stravito had previously raised €2.1 million from Swedish VC Creades and Nordic VC Inventure. Today’s round brings the company’s total amount of external funding to €7.7 million.

“Stravito has developed a solution that is uniquely suited to tackle the problem of market intelligence overload – a problem that every global consumer goods company is facing today,” said Jan Andriessen, Executive Partner at henQ. “Its user-centric enterprise software has the potential to transform the use of market intelligence on a truly global scale, by being the one solution that actually delivers on the promise of easy search and insight generation. Stravito will play a crucial role in helping enterprises become more data-driven and consumer-first focused, and we are very excited to be a part of that journey. With the mix of senior management experience from iZettle and with the consumer goods-, and the market insights industry through the NORM founders, Stravito has a killer combination with knowledge of scaling a tech growth company together with consumer goods industry insights.”

“Stravito ticks just about every box we look for in an early stage investment – an exceptional mix of individual entrepreneurial talent, a game-changing technological application and – most important of all – a clear benefit for customers as evidenced by the company’s remarkable growth,” added John Hedberg, CEO at Swedish VC firm Creades. “We are very impressed by the achievements to date, but even more excited to be part of the journey ahead!” 

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Mary Loritz
Mary Loritz
Mary served as Head of Content at EU-Startups.com from November 2018 until November 2019. She is an experienced journalist and researcher covering tech and business topics.

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