Sprig helps scale research programs by quickly uncovering insights freeing up the team to focus on the highest leverage work.Canva is now valued at $40 billion following a fresh capital injection of $200 million (USD) in a round led by T. “Companies need to have conviction before deploying resources to build new products and be able to evolve the product based on user feedback. It was too good to pass up, so we did a quick inside round that only took a few days,” Glasgow added. “Sprig did not need the funding, but we were proactively approached by our existing investors at an increase from our previous valuation.
(He demurred when asked about annual recurring revenue.) Sprig counts Dropbox, Loom and Square among its current customers, and the company plans to grow its headcount from 95 today to 125 by the end of the year. The competition taken into account, Glasgow is pleased with Sprig’s performance of late, noting that net recurring revenue grew 300% over the last 12 months.
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Just in June, Maze - a close rival - nabbed $40 million in a Series B round, while UserZoom last April closed a $100 million tranche and acquired experience insights company EnjoyHQ. Qualtrics’ IPO came sooner, in January 2021, and drove the firm’s market cap to $23 billion. UserTesting went public last year after raising over $150 million in capital. Glasgow sees UserTesting, UserZoom, and Qualtrics as competitors in the fast-growing user experience monitoring market.
Concept & Usability Testing includes browser-based testing that allows participants taking a Sprig survey to review one or multiple concepts, complete recorded tasks and provide feedback, while allowing teams to source new participants from an existing research panel, product or app. Sprig recently launched Concept & Usability Testing, a service that allows companies to test ideas, concepts, designs and prototypes before deploying them into production. Forty-two percent of companies in a recent CB Insights poll cited “no market need” as the reason that one of their products failed to gain traction. Indeed, research is often costly - software-as-a-service companies spend an estimated 23% of their revenue on R&D, for example - and there’s no guarantee it’ll lead to a successful outcome.
According to one report, only 55% of companies currently conduct any user experience testing - despite the fact that every dollar invested in user experience is estimated to net a $100 return, a Forrester Research study found. A 2019 survey from UserZoom found that companies struggle to integrate user research into product development and that budgets remain stagnant, even as the majority of CEOs see user and customer experience as a competitive differentiator. To Glasgow’s point, public metrics suggest that user experience research is rarely prioritized. “I knew there was a better way, and in January 2019, I started Sprig, then called UserLeap.” “While I had access to a variety of tools ranging from product analytics and A/B testing to feature flagging and roadmaps, I lacked a tool that would make it fast and effortless to understand customers in real-time,” he told TechCrunch. While at Weebly, Glasgow says he realized how difficult it was to research across the product development life cycle, especially when timelines are tight and research resources are in high demand.
Prior to starting the company, he was an early team member and product manager at website builder Weebly and search app Vurb. It brings the company’s total raised to $90 million, which CEO Ryan Glasgow says is being put toward expanding Sprig’s service line, support sales and marketing efforts, and dedicating resources to integrations and partnerships.
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Sprig, a startup offering tools for user and software product research, today announced that it raised $30 million in a funding round from Andreessen Horowitz, Accel, First Round Capital, Elad Gil and Figma Ventures.
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