Ideally has announced a AUD $5.5 million funding round led by Icehouse Ventures and OIF Ventures. The consumer insight platform will use the funds for product development and accelerating international growth.
Since launching in August 2023, the consumer insight platform has garnered more than 115 customers across ANZ including Asahi, Telstra, Bupa, Revlon, Hanes, Lion, Kraft Heinz, Afterpay, Nine, and Goodman Fielder. The platform is used by DDB, VML, M&C Saatchi, Ogilvy, CHEP, Special Australia, and Thinkerbell.
“Ideally is a groundbreaking innovation tool that transforms the research process for modern marketers. It allows brands and ideas to iterate within 24 hours, reducing timelines from months to just days. This efficiency is a game changer in today’s fast-paced market, where agility is key,” said Ideally customer and investor Simon Bookallil, CEO and co-founder, Bashful (agency) Group.
“We’ve been very impressed with Ideally’s growth since our initial investment last year,” said Robbie Paul, CEO of Icehouse Ventures. “Of the 150+ software companies we’ve funded, the average time to $1 million in revenue is four years and $5 million takes close to six years. Ideally passed the $1 million mark in half the average time and is on track to hit $5 million just as rapidly”.
“The rapid growth is a testament to its true product market fit, which addresses the longstanding problem of costly and timely consumer research being a barrier for brands and marketers to truly understand their customers. Ideally’s customer base is incredibly diverse, showing it is addressing a pain common across many industries, models, and geographies,” added Paul.
“While we’ve had a very successful first year, we’re only just getting started on our goal of providing marketers and creatives around the world with the resources they need to create work that truly makes a difference,” said James Donald, co-founder and CEO of Ideally. “Australia and the U.S. represent significant opportunities for us, and we are confident in our ability to continue driving meaningful insights for our customers”.
This round follows its maiden funding round in 2023, also led by Icehouse Ventures, who chose to double down on its investment in Ideally.
