A £2.63 million seed round of funding has been secured by Ribbon, a London-based business developing an in-product research platform. Along with previous investors MMC Ventures and Concept Ventures, Octopus Ventures (which funded Intigriti, Delio, and Touchlab among others) led the investment round.
Founders of GoCardless and Nested, Matt Robinson, Keith Grose, Ross Sheil, and Felix Leuschner are among the angel investors who have also invested in the seed round (Group Business Development Director at Cazoo).
Ribbon will be able to expand its product research platform and the range of capabilities it provides to product and user research teams thanks to the financing. The money will also enable the team to expand. In addition, Ribbon just unveiled In-Product Surveys, a brand-new solution that enables user and product research teams to collect user feedback asynchronously right inside their software products.
By sending quick surveys to specific user journey points, the introduction of In-Development Surveys enables user research and product teams to continuously test concepts and gather feedback.
The existing research platform now allows clients to combine asynchronous research methods like surveys with more in-depth synchronous forms of user research, such as real-time video user interviews. In-Product Surveys, which include a comprehensive collection of templates, are an addition.
Axel Thomson, the company’s founder, stated that “the money represents a significant advancement for the Ribbon team. It helps us to increase the team size, develop our platform further, and improve the efficiency of our user and product research.”
Axel said, “By making it simple to make educated product decisions, we hope to empower businesses to create fantastic goods. A key step in that effort is to democratize access to product research through effective and user-friendly technology.”
“Ribbon is offering consumer-facing firms a groundbreaking approach of obtaining in-context, synchronous, and asynchronous user feedback at scale,” said Karan Mehta, an investor at Octopus Ventures.
Karan further said “Investors are aware that the best businesses are based on customer demand and succeed over the long term by adjusting to their customers. Ribbon makes it simple for businesses to consistently make better product decisions supported by focused research, giving them an advantage.”
“We are happy to support Axel and his group as they develop Ribbon. Axel has expertise in both research and software engineering, and as a Product Manager, he has first-hand knowledge of the challenges associated with integrating product research into the software development cycle,” Karan continued.
Axel Thomson, a previous product manager at UK recipe-box subscription unicorn Gousto, founded Ribbon in 2020 in London. It is a platform for user research that gives user and product research teams a central location to conduct research and product discovery with their users. It aids in the understanding of customer behavior and experiences by user research and product teams.
Customers of Ribbon can employ studies like as video interviews and in-product surveys, which are distributed to active users based on product interactions and user behaviors, to carry out ongoing product research to support product decisions and create better user experiences.
With Ribbon, it now only takes a few minutes instead of several days for software product firms to begin continuously gathering feedback to better cater their goods and services to the demands of their clients.
Image Credit: Ribbon