A Birmingham firm which uses video technology to help companies discover what their customers think about their products has secured £7.5 million in new funding.
Voxpopme will use the fresh injection of capital to recruit staff and invest in product development.
The firm, based in Digbeth, has developed an app which members of the public use to make short feedback videos about a company's product, answering its questions and receiving a small payment in return.
It works with clients such as Microsoft, Coca-Cola and Expedia in a market said to be worth around £37 billion in market research.
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Mercia Asset Management, the specialist technology investment firm based in Henley-in-Arden, has provided £2 million with further funding from Chicago-based Origin Ventures and NVM Private Equity.
This latest round of funding follows two separate deals worth £1 million and £1.5 million respectively, both agreed with AIM-listed Mercia last year, and this latest investment has taken its direct equity stake in Voxpopme to 23.7 per cent.
Voxpopme co-founder and chief executive Dave Carruthers said: "We're delighted to complete this funding round which demonstrates the impact video feedback is having on insights and customer experience teams across the globe, where demand is growing considerably.
"We plan to use the investment to both scale the team and invest in product development, including our video analytics engine and additional integration with other solutions which will lead to further value creation for our customers."
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Julian Viggars, chief investment officer of Mercia Asset Management, added: "Voxpopme is enjoying rapid revenue growth built from both domestic and US sales. The company is recognised as a leader in the agile qualitative research market.
"The company's reputation across multiple industry sectors is particularly impressive and we are delighted to welcome two new high-profilem third-party investors to Voxpopme's share register."
Voxpopme also has offices in Salt Lake City and Sydney.
