Milieu Insight (Milieu), a Singapore-based consumer research and analytics company, said it has secured $5 million in its latest round of funding led by MassMutual Ventures (MMV) Southeast Asia.

The round also saw the participation from OSK Ventures International Bhd (OSKVI), Genesis Alternative Ventures, as well as several private investors.

The funding will be primarily used for the development of new products, as well as geographic expansion of the operations, Milieu said in a statement.

According to the firm, the fund will be used to bolster product innovation and accelerate the development of new software as a service (SaaS)-oriented consumer insight offerings, and will also be allocated to expand its reach beyond Southeast Asia.

Following the company’s previous fundraise in October 2019, Milieu Insight expanded their commercial operations to cover six markets, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

“As consumer preferences and behaviours evolve rapidly, we see a tremendous opportunity to revolutionise market research to better meet the needs of business leaders today. These funds will help us develop more exciting, innovative products and fuel our expansion,

“We have demonstrated sustained growth and this is a testament to the resilience in our business model. COVID-19 has accelerated the rise of the digital economy and we will continue on with our mission to use technology to empower organisations to connect with consumers at a deeper level. In time, we hope to inspire change globally by sparking meaningful conversations between brands and their customers around the world everyday,” said Milieu’s Founder and Chief Executive Officer Gerald Ang.

According to the statement, Milieu has seen explosive growth over the last two years, which includes growing their mobile app user base from 500,000 users to more than two million in 2020, as well as increasing their customer base by 300 percent from 45 enterprise customers at the start of 2020 to 180 in October 2021.

The company has also quadrupled its monthly revenue since their October 2019 fundraise, and 2021 performance indicates Milieu is on track to achieve its projected growth targets.

“We continue to be impressed with the Milieu team and everything they’ve accomplished over the last few years, especially since the start of the global pandemic. Their solutions are seeing strong demand, and their innovative approach is uniquely positioned to win in the field of consumer insight and analytics. As such, we’re very pleased to continue to work with and support the Milieu team,” said Anvesh Ramineni from MMV.

Amelia Ong from OSKVI also said, understanding how customers think and feel is fundamental to the success of every business, and Milieu’s unique ability to capture actionable insights that help enhance how brands engage with their audience puts them on the leading edge of change in the industry.

“We’re excited to join Milieu’s journey as they continue to scale their offerings beyond the region, especially in capturing new narratives behind the rapidly-evolving consumer behaviour, post-COVID,” she added.

Milieu is a consumer research and analytics company that connects businesses directly with their target audience for market research. The company collects consumer opinion data across a multitude of lifestyle topics and sectors through a proprietary mobile app known as Milieu Surveys.

Milieu’s customer platform, known as Canvas, offers businesses a wide range of tools for accessing, analyzing, and visualizing high-value and timely consumer opinion data to help power better decision-making and strategy.

Milieu has recently launched several new products, including an automated brand tracking solution, as well as a programmatic activation offering known as Milieu Activate, which enables advertisers to target mobile ads more effectively.

MMV is a multistage global venture capital firm investing in enterprise software, cybersecurity, financial technology, and digital health companies. With deep expertise and an extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. MMV has offices in Boston and Singapore, with $450 million under management.

OSKVI is a Malaysia-based private equity company that is listed on Malaysia stock exchange . It provides equity capital solutions to companies ranging from revenue-generating start-ups to late-stage growth companies seeking capital expansion.

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