Singapore – Consumer data and analytics startup Milieu has recently raised US$5m in funding, which will be used in bolstering product innovation and accelerate the development of new SaaS-oriented consumer insight offerings.
The funding was led by MassMutual Ventures (MMV) Southeast Asia, with participation from OSK Ventures International Berhad, Genesis Alternative Ventures, as well as several private investors.
The company had previously raised funding in 2019, and has since then expanded their commercial operations to cover six markets, including Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Funds raised from this current round will be allocated to expand Milieu’s reach beyond Southeast Asia.
Milieu has recently launched several new products, including an automated brand tracking solution, as well as a programmatic activation offering known as ‘Milieu Activate’, which enables advertisers to target mobile ads more effectively.
Gerald Ang, founder and CEO at Milieu, said, “As consumer preferences and behaviours evolve rapidly, we see a tremendous opportunity to revolutionize market research to better meet the needs of business leaders today. These funds will help us develop more exciting, innovative products and fuel our expansion. We have demonstrated sustained growth and this is a testament to the resilience in our business model.”
Statistics-wise, Milieu has been growing their mobile app user base from 500,000 users to more than two million in 2020, as well as increasing their customer base by 300% from 45 enterprise customers at the start of 2020 to 180 in October 2021.
“COVID-19 has accelerated the rise of the digital economy and we will continue on with our mission to use technology to empower organizations to connect with consumers at a deeper level. In time, we hope to inspire change globally by sparking meaningful conversations between brands and their customers around the world everyday,” Ang concluded.
