December 10, 2020
UserLeap raises $16 million to take the guesswork out of product development
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Product management has fundamentally changed
As technology has evolved, how product teams build and deploy has fundamentally changed. Product teams now ship weekly or even daily instead of the slow monthly release schedules of the past. At the same time, customer expectations have evolved, and if a product doesn’t meet them, customers won’t stick around for long.
Product teams live in this new reality. But traditional user research takes forever and analytics can’t explain why customers do what they do. So product teams operate on assumptions because they can’t get the right information about their customers fast enough to make critical decisions.
As a product manager, I experienced this problem first hand. Qualitative customer insights fueled some of the most successful products in my career and led to five acquisitions. But the process of obtaining those insights (if it happened at all) was incredibly difficult, time consuming, and stressful.
After talking with hundreds of product managers and user researchers who felt the same way, I realized that this was a problem worth solving. Missing the mark on a feature release or shipping something that doesn’t click with customers can cause companies to miss growth targets, experience attrition, or go out of business altogether. There had to be a better way.
The first platform for continuous research
UserLeap is a completely new way for companies to understand their customers and make informed product decisions. It lets you run targeted, in-product microsurveys at any time with a snippet of code deployed just once. A product manager can ask a question about feature usage, customer needs, or the onboarding experience in the morning and obtain hundreds of actionable responses by that afternoon.
Companies like Square, Opendoor, and Codecademy found UserLeap because they were looking for a better way to obtain customer insights. “UserLeap helps us collect insights easier, faster, and more accurately than any other tool on the market, which allows us to build a better product for our users and ultimately grow our revenue,” said Daniel Layfield, Product Manager at Codecademy.
Traditional email surveys typically see response rates between 3% and 5%. UserLeap micro-surveys typically see a 20%-30% response rate, with some up to 90%.
Nikunj Kothari, Growth Product Lead at Opendoor said, “I am still mesmerized by how many responses we got to open ended text questions. That is kind of the magic of the product to me. It's one thing for someone to answer a yes or no question or answer a multiple choice, it's another thing for them to give us meaningful responses to our questions."
With UserLeap, those meaningful responses are analyzed and prioritized so product teams no longer need to spend hours reviewing qualitative responses in order to generate actionable insights. Our machine learning model is trained by expert user researchers and continuously gets smarter with each response.
It’s like having a dedicated user researcher that’s able to gather insights from your users at the scale of analytics. The platform is always on, collecting insights in the background, monitoring issues that arise and recommending when you should take action.
Announcing our Series A
From the beginning, UserLeap has been backed by some of the best in the game. Bill Trenchard at First Round Capital led our Seed round, and now we’re excited to announce that Dan Levine at Accel is leading our $16 million Series A.
Combined with funding from angels like Elad Gil, Dylan Field (CEO of Figma), Ben Porterfield (Co-founder of Looker), Akshay Kothari (COO of Notion), Jack Altman (CEO of Lattice), and Bobby Lo (Founder of Vurb), that brings our fundraising total to $20 million.
With this powerful team at our back and early customers who have used UserLeap to track over 500M visitors and capture 600K responses, we’re ready to scale!