The total investment came from a range of sources, including Blackfinch Ventures, Italian Angels for Growth, the largest network of business angels in Italy, and Blockchain Valley Ventures (BVV).
Providing unrivalled insight into how consumers use, interact, navigate and transact with business websites, services and apps, the company’s vision is to give individuals greater control over how their data is accessed and used, whilst ensuring that they are fairly compensated for the information.
Through the platform users are asked to perform specific tasks for brands, while their activity is shared through screen capture technology. Proprietary techniques and machine learning are used to extract behaviour and data, such as e-commerce transactions, digital usage and even the layout of icons on a mobile phone screen.
This ensures access to the best quality data from users that completed surveys, provided device usage, behavioural information, media consumption, product testing, and purchase and app experience data.
Established in 2018, and based in Holborn, London, Measure Protocol has grown considerably over the last 4 years under the watch of co-founders Owen Hanks, Paul Neto and John Martin all of whom have grown and successfully exited technology start-ups during their careers.
Having experienced explosive 8x growth in the past year, the business already works on behalf of a number of leading brands in sectors including social media, FMCG and the media.
Its consumer-friendly app, known as MSR, available both for iOS and Android, provides individuals the opportunity to share their data through various tasks while earning rewards. The MSR reputation is built on transparency, privacy and fair rewards. This process is six times faster than its competitors, and ten times more affordable than other data-collecting technologies.
The funds secured will now be used to continue the development of Measure Protocols technology, and to scale-up its marketing and sales efforts.
Commenting on the deal Dr Reuben Wilcock, Ventures director at Blackfinch, said it was the ‘strength and calibre’ of the team, alongside the company’s traction with leading brands, that had been central to investment decision.
He added: “The Blackfinch Ventures team is delighted and privileged to be backing some of the most talented founders and start-up teams in the tech arena, and Measure Protocol is no exception.”
IAG Champions for this investment, Francesco Acabbi and Paolo Guida, who also serves as Head of Investment at Blockchain Valley Ventures, added: “We have known Measure since BVV led the seed round and have been impressed by the founder’s persistency and talent.
“We believe Measure has built something unique that, by putting consumer’s privacy first, allows brands, agencies, and market research firms to collect 100% accurate behavioural data in a very efficient and effective way. We believe this is the future or market research. We are pleased to support Measure and to be part of this exciting journey.”
Owen Hanks, co-founder and CEO at Measure Protocol, added: “We are delighted to welcome both Blackfinch and IAG as new Measure shareholders. We believe their vast network of contacts both in the UK and Europe can help us to unlock new opportunities and we have been thoroughly impressed by both teams in our interactions to date.
PwC were advisors for Measure Protocol with Charlie Robinson, Head of PwC Raise | Ventures programmes adding:
“It was a pleasure to work with Owen and the Measure Protocol management team. We were excited to work with Measure given the technologies ability to gather consumer behavioural insights with simplicity and speed. We look forward to seeing Measure continue to go from strength to strength in this growing market.”