SurveyMonkey, a known online survey platform, collated equity financing of $250 million, thereby taking the company’s value around $2 billion. It describes itself as the world’s prominent provider of web-centric survey solutions, which help individuals and organizations make a more informed business decision.
According to a statement released by the company, the funding will assist it to complete its acquisition purchases in the future. It will also permit its employees as well as existing investors to cash out a few existing equities.
Investors and global appeal
The list of investors included a number of new names like Morgan Stanley Investment Management (NYSE: MS), Baillie Gifford & Co. and T. Rowe Price. The names also include few existing investors like Tiger Global Management and Google Capital (NYSE: GOOG).
According to Henry Ellenbogen, the portfolio manager at T. Rowe Price New Horizons Fund, Inc., the core business of SurveyMonkey boasts a one of a kind mix of high profitability, durable growth, and global appeal. He said that these assets will be leveraged, and with the assistance of the highly capable management team, it will be possible to construct a much bigger business. It will also help to drive the next phase of the company’s expansion.
According to Dave Goldberg, the Chief Executive Officer of SurveyMonkey, the online platform which started in 1999, had earned total revenue amounting to $113 million by 2012. The latest funding round, which took place in January, valued the company at approximately $1.3 billion. The company has gathered about $1.2 billion in equity and debt as of now, as per Wall Street Journal (NASDAQ: NWSA)
Services and use
The basic service of the company is offered free online. It also offers a premium membership option that costs $780 per year. It permits users to enjoy a bouquet of upgraded options, like customized branding, customer support, and unlimited responses.
The online platform developed by the company is used by approximately 20 million people, and the company is exploring a number of ways to shore up its corporate features to increase its revenue. SurveyMonkey, in recent times, launched a panel survey platform in the UK called the SurveyMonkey Audience. It integrated the service within Salesforce AppExchange (NYSE: CRM), to enable business to use it much more easily.
The company also made its maiden acquisition in about two years when it purchased Fluidware, its Canadian rival for approximately $20 million. The last round of financing was helped by Allen & Co., which was the company’s financial adviser.