For too long, brand marketers have been left behind, and have made decisions on gut feeling, rather than data. Berlin-based brand tracking and consumer insights platform Latana has raised €36 million in funding to help brands figure out how they are being perceived by their target audience. The Series B equity round was led by Oxx, a specialist growth-stage SaaS investor, with participation from Balderton Capital and Kreos.
Founded in 2019, the German startup offers brand tracking services by using technology to understand the underlying forces behind the opinions of people worldwide with initiatives, including the Democracy Perception Index, which is the largest annual study on the global perception of democracies. The platform claims to provide a direct channel to consumers that helps brands understand exactly what their key audiences are thinking.
Latana CEO Nico Jaspers said: “Great marketers thrive on quantitative tools, whether this is for social media management or ad spend. For too long, brand marketers have been left behind, and have made decisions on gut feeling, rather than data. Without data, there’s no way to know if campaigns are effective. Brand marketers are left with little idea if they are driving results or impacting business outcomes. More importantly, companies have no real idea how target audiences perceive their brand.”
General partner of Oxx and Latana board member Mikael Johnsson added: “With digital now dominating marketing spending, performance marketing, and other data-driven tools and techniques have empowered marketers to make faster and better decisions. However, companies still spend typically 40-60% of their marketing budget on brand marketing which is still largely driven by gut feel and best efforts. Powered by novel sampling methods and advanced statistical processing techniques Latana is disrupting this paradigm by providing brand marketers with accurate, timely, and affordable brand marketing data.”