Second Measure Closes $20M Series A Funding Co-Led by Bessemer and Goldman Sachs
San Mateo, Calif., February 12, 2019 – Second Measure, a technology company that analyzes billions of everyday purchases to answer real-time questions about consumer behavior, announced it has closed $20 million in a Series A funding round. Co-led by Bessemer Venture Partners and Goldman Sachs, and joined by Citi Ventures, the funding will be used to support Second Measure’s continued product innovation, rapid growth, and expansion of its technical team.
Second Measure has built a self-service platform that helps clients identify fast-growing companies, benchmark competitors, and better understand consumer behavior. The world’s best-known financial firms and corporate brands—from Greylock Partners and Neuberger Berman to Domino’s and Spotify—rely upon Second Measure to make faster and better decisions. Even media outlets as far-ranging as Bloomberg, CNBC, Recode, and Wall Street Journal trust Second Measure for the most up-to-date information that enriches their reporting and analysis. Examples of Second Measure research results can be found at Data Points.
With this new round of financing, the company has received $25.5 million in total funding. Previous investors include Jefferies Financial Group, Norwest Venture Partners, Shasta Ventures, Foundation Capital, Y Combinator, and other top funds and angels.
Second Measure’s Analytics Platform for Consumer Spending Delivers Real-Time Answers
Second Measure makes it simple to quickly answer real-time questions about how companies are performing and where consumers are spending. With traditional market research, most data collected and analyzed is outdated even before release. Similarly, traditional investment research depends on infrequently updated financial information. Second Measure dramatically improves upon these traditional processes by providing real-time access to consumer spending data, analyzing billions of anonymized purchases to provide a clear and accurate view into the performance of thousands of private and public companies.
Using Second Measure’s self-service platform, investors can identify fast-growing companies, validate investment theses, and track company performance intra-quarter. Consumer brands can benchmark themselves against their competitors, dive into regional performance, and develop rich buyer personas based on spending behavior—all with a daily view powered by direct observation of millions of U.S. consumers.
Founded in 2015, Second Measure traces its roots back to video games. Michael Babineau and Lillian Chou (named to Forbes’ 2019 “30 Under 30”) met at Electronic Arts while building large-scale infrastructure and tooling to help their colleagues understand player behavior. With the growing availability of massive, longitudinal datasets, Mike and Lillian recognized an opportunity to apply these same techniques to solve the problem of making consumer transaction data useful and actionable.
“We are beyond excited to have such extraordinary investors on board. Their expertise, networks, and financial support will help us realize the massive opportunity in front of us,” said Michael Babineau, CEO of Second Measure. “By providing a clear, accurate, and timely view into consumer behavior—and doing so via an exploratory platform—we can fundamentally change the worlds of investment and market research.”
“We’ve been Second Measure users for years and would be at a loss to understand the modern consumer without it,” said Kent Bennett, partner at Bessemer Venture Partners. “It’s crazy to me that anyone manages a consumer-facing business without this ground-truth information. We’re thrilled to join the ride as this team of data geniuses works to arm the rest of the world with insight on the consumer.”
“Second Measure’s data platform makes real-time information about consumer spending and business performance accessible in a new way, allowing customers to look at the data in a manner that is most relevant to them,” said Darren Cohen, managing director of Principal Strategic Investments, Goldman Sachs. “We believe in Second Measure, their leadership, their vision, and their ability to transform the way companies analyze transaction data. We look forward to working with them as they continue to grow.”
“What sets Second Measure apart is its platform’s ability to support real-time, ad-hoc queries with high accuracy and massive scale,” said Luis Valdich, managing director and venture investing lead at Citi Ventures. “This unlocks new and powerful use cases for corporates and private equity investors that go beyond the traditional use cases for transactional spend data among public market investors. We are excited by the opportunity ahead for Second Measure and are proud to help the company fulfill its potential.”
About Bessemer Venture Partners
PR Contact: Lizzy Bates, Lizzy@bvp.com
Bessemer Venture Partners is the world’s most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, and MindBody. Bessemer’s 15 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. For more information, please visit: www.bvp.com.
About Goldman Sachs
PR Contact: Patrick Lenihan, Patrick.R.Lenihan@gs.com
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information, visit: https://www.goldmansachs.com/.
About Citi Ventures
PR Contact: Christina Cole, email@example.com
Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients and the innovation ecosystem. For more information visit: http://ventures.citi.com/.
About Second Measure
Second Measure is a Silicon Valley technology company and leading provider of data analytics that deliver valuable insights into consumer spending patterns and business performance. Clients use Second Measure’s self-service data analytics platform to gather valuable, real-time information that helps them discover new markets, gain an advantage in financial investments, and inform their competitive strategies. Its team of technology experts works with large scale data sets, helping clients understand the complexities and nuances around consumer spending behavior and business performance to facilitate more intelligent decision making. A Y Combinator alumnus (summer 2015), the company is based in the Bay Area with an office in New York and has more than doubled in size over the past year. For more information, visit: www.secondmeasure.com.
Data Points is a research blog powered by Second Measure, transforming data into stories for those who rely on information about consumer spending behavior to achieve competitive advantage.
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