A product launch and a £2.63 million raise ties up Tuesday for Ribbon

London-based start-up Ribbon is having a busy Tuesday with the announcement of £2.63 million in seed stage funding and a product launch with In-Product Surveys.

Founded by Axel Thomson two years ago to help businesses to better understand their customers with rapid user research. The latest funding round will see the Ribbon team expand. 

"This funding is a huge step forward for the Ribbon team. It enables us to grow the team, continue to expand our platform and streamline how product and user research is done,” said Thomson.

The funding round is led by Octopus Ventures and also includes MMC Ventures and Concept Ventures - both VCs previously backed Ribbon in its pre-seed round of £200k in March 2021. 

Matt Robinson, founder of GoCardless and Nested, Keith Grose, Head of UK at Plaid, Ross Sheil SVP Global Revenue at Infogrid and Felix Leuschner Group Business Development Director at Cazoo are the angels involved in this round.

"Ribbon is offering consumer facing companies a pioneering way of generating in-context, synchronous and asynchronous user feedback at scale. As investors we know that the best companies are built on consumer demand and win in the long run by adapting to their users,” said Karan Mehta, Investor at Octopus Ventures. 

“Ribbon enables companies to gain this advantage by making it easy to continuously make better product decisions backed by targeted research. We are so excited to be backing Axel and his team as they build out Ribbon. Not only does Axel have experience across research and software engineering, but he’s experienced the difficulty of embedding product research in the software development cycle first hand as a Product Manager,” she said. 

The product and user research specialist’s In-Product Surveys is a tool which allows customer research teams to better gather intel within their software products which helps them to get a better read on their customers. 

“We want to empower companies to build great products by making it easy to make informed product decisions. Democratising access to product research through easy-to-use and powerful tooling plays an important part in that process,” added Thompson. 

Ribbon counts Dyson and Gousto amongst its users.