An Addison-based company is on a mission to give consumer insights to brands while helping nonprofits fill their coffers.
HundredX, a data analytics firm focused on market share strategy, announced landing a Series D round that brings its total funding to more than $80 million from big-name investors, including billionaire Charles Schwab, as it looks to build out its platform.
“Today’s hyper-dynamic business environment requires a different approach to strategy development than legacy projects that cost millions of dollars, are labor intensive, and painfully slow,” said Rob Pace, HundredX founder and CEO, in a statement.
‘Ethically sourced’ feedback
HundredX says it combines strategy and investment expertise with artificial intelligence, giving brands access to a database of millions of “ethically sourced” consumer experiences and allowing them to drive strategy insights and new customer acquisition. To gather that consumer feedback, HundredX partners with nonprofits, giving money to an organization as its community members give feedback on the more than 2,000 businesses on HundredX’s platform. One bit of feedback is worth up to $2, with HundredX saying a user’s time is typically valued at more than $100 per hour.
Pace, a former senior partner at Goldman Sachs and former national chair at the Salvation Army, calls the feedback “ethically sourced” since user-only demographic data is collected.
“To source honest feedback from everyday consumers, we created programs where hundreds of diverse non-profit and other cause-based organizations generate millions of dollars in combined funding,” said Andre Benjamin, head of strategy at HundredX, in a statement. “Supporters of these causes can ‘give without spending’ by simply sharing their range of experiences as customers.”
According to the company’s website, it’s generated more than 5 million feedback interactions about brands in consumer spaces like restaurants, retail, CPG, health care, and technology.
Launched in 2012 as Goodsnitch, HundredX relocated to North Texas in 2017. According to the Dallas Business Journal, the company has around 50 employees.
In addition to Schwab, who’s acting as an individual investor and not as part of his role as chairman of the financial firm, the latest funding round for HundredX includes previous backer Clark Hunt, the chairman and CEO of FC Dallas and the Kansas City Chiefs, who said that HundredX has helped FC Dallas youth teams raise hundreds of thousands for scholarships and equipment. HundredX also counts John Hayes, former CMO at American Express, as a previous backer.
“In business, I saw that the leaders who prioritized customer experience and had actionable insights always won,” Pace said. “Advising nonprofits, I observed tens of millions of passionate supporters who understood the funding needs but could not always write a check. HundredX unites these two worlds and serves as a new model to blend doing good and doing well in business.”
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