EnquireLabs raises $4.5M to bring speed and scalability to zero-party data for e-commerce brands
New York-based startup operationalizes survey data so e-commerce brands can stop leasing third-party relationships and start creating mutual benefits with their customers
NEW YORK–(BUSINESS WIRE)–#directfromconsumer–For thousands of Shopify’s top brands such as Allbirds, Figs, and Skims, EnquireLabs post-purchase surveys have informed the “why” behind consumer behavior. Today, the company announced its $4.5 million seed funding round led by Silicon Valley venture capital firm True Ventures, as well as the release of its flagship product Question Stream™ and the SDK beta program for compatibility across all verticals.
“We generate more consumer responses in a week than many research-based survey platforms in a year,” said Matt Bahr, CEO and co-founder of InquireLabs. “This isn’t a blow to traditional survey tools – it just proves that we use consumer insights for onboarding and automation, rather than long-term research. traditional surveys tell a product team what to launch next year; our data tells a messaging platform what to send next minute.”
While Bahr originally created EnquireLabs to address marketing attribution issues in an increasingly fragmented media landscape, the recent wave of consumer privacy initiatives has since led e-commerce brands to reevaluate their reliance on attribution. regard to third parties, multiplying the value proposition of EnquireLabs’ direct consumer data. platform as a sustainable competitive advantage in direct consumer relations (DTC). The change comes as traditional retail brands find themselves losing market share due to a lack of exposure to DTC, pushing major players in the automotive, CPG, financials and other industries to seek out new product lines and business models where they can operationalize data coming directly from consumers. for the first time.
“E-commerce companies in particular are shifting their money from performance marketing to more organic customer acquisition channels; they want to understand their customers at a deeper, faster level,” said Jon Callaghan, co-founder of True Ventures. “We’re excited to see Matt and Curt creating a tool that can help brands quickly gain truly intelligent consumer insights so they can anticipate future behaviors and react intelligently at the next touchpoint.”
Led by True Ventures, the round included participation from venture capital firms V1.VC, FiDi Ventures, Hawke Ventures and Silicon Ventures, as well as notable angel investors and DTC executives including Chubbies founders Ted Wang, Harris Barton, Daphne Carmeli and Casey Armstrong.
InquireLabs now operationalizes survey data to provide consumer ground truth across personalization, conversion optimization and customer experience, as well as attribution. Each insight is individually routed to its rightful destination in the marketing stack for immediate activation, and because insights also add customer data, responses remain tied to the shopper and their transactions.
“Customers show loyalty to brands that constantly improve to meet their needs, and even anticipate future needs,” said Benny Joseph, co-founder and partner of V1.VC. “Meeting these expectations requires an exclusive understanding of each unique customer. InquireLabs enables companies to build mutually beneficial customer relationships by directly asking questions in context and at scale – with this insight, brands can improve their offerings to delight customers beyond their expectations, creating a pipeline of value. win-win inertia.
The latest development from InquireLabs is the Question Stream™ product + platform: a chronological campaign of questions, each served by programmable rules and context throughout the customer journey.
“Because each question is asked individually when it’s most relevant to the customer,” says Bahr, “we’ve seen response rates start around 50% and climb to 100% with each subsequent question. Consumers see the value exchange in this low-latency survey feedback and are becoming more familiar with the Question Stream™ experience as we grow.
The always-on nature of Question Stream™, in concert with its high response rates, allows brands to get the same utility they are used to from third-party data, while future-proofing their business so that it operates on a proprietary, direct-to-consumer basis.
Previously available exclusively to Shopify brands, EnquireLabs has now launched its beta SDK program to expand into new verticals, increasing the degrees of freedom with which brands can harvest and automate zero-party data at scale. Both versions of Question Stream™ offer new customers a 14-day free trial.
EnquireLabs operationalizes direct-to-consumer survey data, harvesting and automating proprietary insights for thousands of brands looking to reduce their reliance on third-party data platforms, while maintaining the speed and scale of their marketing stack. EnquireLabs is a remote-first company, headquartered in New York. Learn more about https://www.enquirelabs.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early stage technology startups. With over $2.8 billion under management, True provides seed and Series A funding to entrepreneurs in today’s fastest growing markets. The True team believes that creativity flourishes when founders are fully supported and empowered to pursue courageous ideas. To that end, the True Platform offers programs that inspire professional and personal growth. To date, True has helped over 300 companies launch and grow their businesses, creating over 25,000 jobs worldwide. To learn more, visit www.trueventures.com.