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Streetbees announces over 110% revenue growth in H1

BGF News 08.27.2020

Having first launched its ‘Always ON’ subscription model last year, Streetbees has seen significant growth since Q3 2019 that has continued into 2020, despite the challenge of a global pandemic. In December 2019, the London-based global intelligence platform was announced as the 13th fastest growing tech company in the UK (10th in London) and hasn’t shown any signs of slowing down, reporting over 110% increase in revenue for the six months ending 30 June 2020.

To keep the momentum up, Streetbees is executing an ambitious expansion plan by strengthening its North American arm of the company. There are currently 30 live roles in just its Sales and Marketing team across London, New York and Chicago, with a target to increase its overall staff size by almost 50% in H2 of this year, reaching 130 people by 2021.

The business has also been actively recruiting throughout lockdown, and in July 2020 Streetbees named Omid Ashtari as its new Chief Operating Officer. Ashtari, formerly President and Head of Business at Citymapper, joins at a pivotal time for the business – with such extreme growth, there is further pressure on the entire team to keep up with demand, particularly the operations function. However, this is a welcome challenge, particularly as so many other companies are having the opposite problem.

Omid Ashtari, Chief Operating Officer at Streetbees, says “I’ve been involved with Streetbees for more than 4 years as an investor, adviser and board member during which time we’ve built a transformative consumer intelligence platform. The business has been growing at a staggering pace over the last year and I am excited to join the company as COO to help scale the business even further.”

Simon Andrews, Investor at BGF Ventures, says “Streetbees is truly redefining how international businesses connect and engage with the consumer, as is clear from the incredible growth the company has seen in the past year. The current pandemic is creating challenges for businesses in every sector, but the fact that Streetbees has been able to increase revenue so dramatically during this time is a testament to the value it provides. We’re excited to see the impact Omid taking over the operations function will have and we’re confident that the best is still yet to come.”

Streetbees also announced that as of July 2020, it is ISO (International Organization for Standardization) accredited, recognising that its data is compliant with the best practices in maintenance, protection and processing.

About Streetbees

Streetbees is a London-based global intelligence platform that reveals how people behave, and why, by analysing real-life moments collected from its worldwide users on an always-on basis.

Over 3.5 million users – or ‘bees’ – across 189 countries worldwide use the chat-style Streetbees app to share moments from their daily lives via videos, photos and text, giving as much or as little information as they like. Through applying advanced natural language processing technology to the results, Streetbees uncovers not just what they do, but also why they do it, and what drives them – and predicts what they may do next.

This allows Streetbees’ customers – who include Unilever, PepsiCo, BBC World Service, Vodafone and L’Oreal – to receive rich insights into communities anywhere in the world at an unprecedented scale and affordable cost, helping them deeply understand new or unfamiliar markets. Using the Streetbees platform, world-leading brands are able to make more informed and accurate decisions about consumer behaviour, and predict future trends with confidence.

Streetbees is backed by some of the planet’s most renowned investors and entrepreneurs, includingAtomico, BGF Ventures, LocalGlobe, and Octopus Ventures. Our investors have also backed TransferWise, Zoopla, FarFetch, Graze and Wonga – and founded Innocent drinks.