Palo Alto, Calif.-based online survey platform SurveyMonkey has secured $250 million in funding. The investors included T. Rowe Price Associates, Morgan Stanley Investment Management, Baillie Gifford & Co, Tiger Global Management, ICONIQ Capital, Google Capital, Social+Capital Partnership and Laurel Crown Partners. Allen & Co. was financial advisor on the transaction.
PALO ALTO, Calif.–(BUSINESS WIRE)–SurveyMonkey (“the Company”), the world’s leading online survey platform, today announced it has raised $250 million in equity financing from new investors including institutional funds and accounts managed by T. Rowe Price Associates, Inc., Morgan Stanley Investment Management, Inc., and Baillie Gifford & Co, as well as from current investors Tiger Global Management, LLC, CEO Dave Goldberg, ICONIQ Capital, Google Capital, Social+Capital Partnership, Ryan and Chris Finley, and Laurel Crown Partners. The financing will be used to bolster the company’s ability to pursue future M&A transactions, as well as to provide an opportunity for existing investors and employees to sell some of their equity.
“As SurveyMonkey continues to grow and seek new opportunities, we are excited to add a range of institutional investors to our already sophisticated investor base. We plan to use some of the new capital to pursue potential acquisitions as well as provide meaningful liquidity to our employees and investors who have shared in our growth over the years,” said Dave Goldberg, SurveyMonkey CEO.
Allen & Co. LLC served as financial adviser and assisted the company in arranging the financing.
“SurveyMonkey’s core business boasts the unique combination of global appeal, durable growth and high profitability. Leveraging these assets, we are particularly excited about the strong management team’s ability to build a much larger business and drive the next phase of expansion,” said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, Inc.
In 1999, SurveyMonkey pioneered the online survey tool market and has been highly profitable since its inception. The Company transformed the traditional survey and market research industries when it introduced its online platform, and today, SurveyMonkey is the market leader in online surveys with over 20 million customers. The Company continues to invest in future growth, expand its suite of products and penetrate new markets. Most recently, the Company launched their panel product, SurveyMonkey Audience, in the United Kingdom, enhanced their Enterprise offering with a deep integration with Salesforce on the Salesforce AppExchange and acquired Canadian survey company Fluidware, the provider of FluidSurveys and FluidReview.
SurveyMonkey is the world’s leading online survey platform, with more than 2 million survey responses every day. SurveyMonkey has revolutionized the way people give and take feedback, making it accessible, easy and affordable for everyone. The company was founded in 1999 with a focus on helping people make better decisions, and has built technology based on over 10 years of experience in survey methodology and web development. Customers include 99% of the Fortune 500, academic institutions, organizations and neighborhood soccer leagues everywhere.
The company has over 400 employees globally, with headquarters in Palo Alto, CA. For more information, visit www.surveymonkey.com.