The investment is the largest funding round Zappi has secured to date. The company plans to use the funding to expand data sets across new markets, verticals and categories and focus on emerging technologies for its platform, as well as expanding its team globally.

Growth capital firm Sumeru recently closed a £1.3bn fund that is leading the investment in Zappi.

As part of the deal, Sumeru’s principals Sanjeet Mitra, George Kadifa and Sofija Ostojic are joining the Zappi board of directors. 

The three said in a statement that Zappi had “reimagined” the consumer insights process, adding that this led to “meaningful product and advertising decisions made more efficiently and thoughtfully”.  

Founded in 2012, Zappi offers artificial intelligence-based research software used by companies including PepsiCo and McDonald’s. The company is headquartered in Boston, Massachusetts, with offices in London and Cape Town.

Steve Phillips, chief executive and co-founder of Zappi (pictured), said: “Zappi has a bold vision for the future: we want to digitise consumer insights for every enterprise.

“Sumeru’s experience in high-growth, innovative SaaS businesses and commitment to people and growth culture made them the perfect partner to help us achieve this ambitious vision.” 

The transaction is expected to close in the fourth quarter of 2022, subject to closing conditions.