One of Silicon Valley’s most prolific venture capital firms has made a rare investment in the UK, taking a stake in London marketing technology start-up Attest.
New Enterprise Associates, which is known for its early investment in ride-hailing giant Uber and boasts over 210 successful floats in its portfolio, will make a $16m (£12m) investment in the start-up.
Founded in 2015 by Jeremy King, Attest develops detailed online surveys in more than 30 languages, allowing companies to conduct research on new ideas or products in niche markets at a reduced cost.
Companies are able to target large but specific audience demographics and are able to get access to Attest's software via a subscription.
Attest has grown its team from 20 to 50 over the past year and secured clients including Heineken, Fever-Tree, Samsung and Transferwise.
NEA Principal Crystal Huang said the company had the potential to dominate the $76bn research market.
“Our investment in Attest also reflects our enthusiasm for the UK tech ecosystem and eagerness to continue investing in this region,” she said.
Founded in 1977, NEA is one of Silicon Valley’s most aggressive venture funds. It made a significant investment in Uber in 2014 and its portfolio includes West Coast “unicorn” start-ups, valued at more than $1bn, including finance app Robinhood and Goop, the lifestyle website founded by Gwyneth Paltrow.
Mr King said Attest had ambitions to grow internationally and would open a New York office in June.
He added: “I used to work in genetics and behaviour. I have a love for the scientific method and using facts to make every decision. I saw this ubiquitous business problem of companies trying to understand at an ever faster pace what is changing in their markets, but it is ever harder to do it.”
The new funding saw additional investment from UK funds Episode 1 Ventures and Oxford Capital.