UserLeap’s $38M Series B and the Future of Product Research
June 17, 2021
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In December, we introduced UserLeap to the world and announced our $16M Series A funding round. Today, I'm thrilled to announce our $38M Series B round with Andreessen Horowitz to embark on the next stage of our journey.
We created UserLeap because although Product Management has evolved significantly during the last 10 years, the product tech stack—and especially the qualitative research toolset—has not kept pace. Feature releases that took months or years have been replaced with agile release cycles. Users, once satisfied with a product that simply got the job done, now demand products that surprise and delight at every click, tap, or scroll.
But product teams still have a huge blind spot. They are in need of rich insights that reveal customers’ motivations, explain their behavior, and most importantly, illuminate what can be done about it—all in time for the next release.
UserLeap fills this massive gap by enabling product teams to ask quick questions of specific customers within the context of their product experience, at precise points throughout their journey, to qualitatively measure how customers feel, why they take specific actions, and what features and functionality they want to see in the future. It’s critical for teams to know the answers to these questions to make informed product and business decisions.
UserLeap’s customers are hooked from the moment they launch their first microsurvey and results start streaming in. With our platform, companies like Dropbox, Square, Loom, and Opendoor have finally been able to conduct product research at the pace of their product development cycles and obtain rapid customer insights that deliver outsized impact.
“I’m still mesmerized by how many responses we got to open-text questions. It’s one thing for someone to give us a yes or a no, it’s another for them to give us meaningful answers to our questions,” says Nikunj Kothari, former Growth Product Lead at Opendoor.
The sheer volume of qualitative insights is possible because UserLeap combines the power of an analytics tool with the depth of survey software. Our platform tracks billions of user interactions per month, and processes complex logic quickly to present hyper-targeted questions at any moment in time. Within hours of launching a UserLeap microsurvey, customers like Dropbox and Shift have thousands of rich customer insights waiting for them and the analysis is already done thanks to our first-of-its-kind AI, which uses natural language processing to group similar responses and proactively highlight accurate, actionable themes.
With UserLeap, product teams are now getting answers to their most difficult questions—and the business results have been staggering. We’ve seen companies reduce onboarding drop off by 24%, improve homepage conversion by 47%, and increase product adoption by 194%, with these numbers improving within days or weeks of launching their first microsurvey. It’s no wonder that we’ve tracked 1.5B+ visitors and 25B+ events and processed 4M+ responses for 500+ companies.
To support the growing demand for our product, we’re partnering with Andreessen Horowitz to lead our Series B and welcoming Kristina Shen to our board. We chose Kristina because of her deep knowledge of the product research space and extensive experience investing in other high growth, product-led companies. Through this investment, we will be able to grow our team across all core functional areas and accelerate our future roadmap.
We can’t wait to continue helping companies of all sizes bring customer insights into every product decision. With world class investors, strong market traction, and an ambitious roadmap, we’re confident that UserLeap will soon be the must-have tool for every digital product team.