The fundraising round, which also saw existing investor AlbionVC take part, will be used to invest in more advanced features and capabilities in Black Swan’s software platform Trendscope.

Trendscope allows consumer packaged goods (CPG) to develop ideas and help with new product launches through public, unpromoted conversations online.

The platform analyses the data gathered to map growth opportunities and identify trend signals in consumer behaviour and sentiment.

Steve King, chief executive and co-founder at Black Swan Data, said: “Over the last two years the market research industry has been turned upside down and legacy methods that CPG companies have stuck with for decades became unviable, literally overnight.

“This latest round of funding will allow us to build upon the growth of the last year and significantly invest in our core product, Trendscope, bringing customers new features and usability that enable them to create reliably relevant new products and shape a modern marketing innovation process for the future.” 

Philip Edmondson-Jones, principal at Oxx, who joins the company’s board, said: “The business has made incredible progress over the last few years, and we at Oxx are delighted to be backing Steve, Hugo and the rest of their excellent team to extend Trendscope’s functionality and expand the business even further into the US market.”