At Potloc, we’ve been working towards a clear vision of the future of consumer research —one that has evolved with the modern consumer. One that for consumers is a seamless, non-intrusive way to express their opinions. And for enterprises, it is a hyper-targeted and accurate way to understand the communities they serve.
From two roommates working off a kitchen table, we’ve made strides since the company was founded five years ago. I couldn’t have ever imagined that today we’d raise $13M to continue to provide enterprises with the ability to ask any question to any consumer group and have that translate into better customer satisfaction and revenue.
As we watched stores’ vacant signs get weathered with the passing seasons, and spaces remained an empty box, we felt we knew what was missing in our neighborhood, and we figured others would want to give their input as well. We decided to call the number on those signs and propose that we could help them understand what the community wanted so they could find a tenant faster. We stood outside in the cold Montreal winter having people fill out surveys on iPads. The response, well, let’s just say almost everyone stopped. Two things happened that day (1) it shed light on how vocal the community was around the things that affected their everyday life, and (2) there was a missing link between businesses and their communities on a local level.
With just low-tech and crunching data on paper, we came to the realization that technology could amplify this new approach to consumer research so it could be executed at scale. We envisioned a platform that would allow for innovation in the consumer research methodology and get businesses the insights they craved directly from the trade area they were willing to serve. We set out to be that connection. Now, 5 years later, we operate in 15 countries, have asked over 6M questions, and the growth hasn’t stopped there; we’ve hired 48 people and opened 4 offices around the world.
All of that hard work and expansion has led us to today. We’re thrilled to share that Potloc has closed a $13 million Series A led by Brightspark Ventures and Investissement Quebec, with participation from Ecofuel Fund, Cap Horn, and Desjardins Capital, bringing Potloc’s total funding to over $17 million since 2017.
This new capital will power our vision and bring us closer than ever before to continue creating an ongoing dialogue between retailers, real estate developers and CPG businesses, and the people they serve. As part of this, we plan to invest in top talent and enter new markets including the US, UK, expanding in Europe and developing our artificial intelligence capabilities.
We also wouldn’t be where we are today without the unwavering, ever-adaptive, collaborative or as we like to refer to them, “stunning colleagues,” who share our obsession to power the co-creation of communities.
Market opportunity paired with passionate people and a curiosity-infused culture enables us to establish this new standard in consumer research, because –let’s be honest: no one likes surveys. It’s time we change that. We are so incredibly grateful for the work our team puts in to achieve our mission, and challenge those who are looking to do the best work of their lives to join us – it will be a wild ride.
We live in a feedback economy, with unprecedented transparency and heightened expectation of experience. As it is part of our human nature to be heard, it’s time to open a dialogue between communities and the companies that serve them. That’s why, while our research methods will continue to push the boundaries of traditional research like web panels and phone surveys, they will demand a shift in mindsets and the need to embrace the modern consumer as the protagonist, for us to be able to shape and co-create the communities of the future.
The future of consumer research will be conversational, we can’t wait for you to have your voice heard.
– Rodolphe Barrere, Co-founder and CEO at Potloc