US firm buys startup Pollfish

Greek startup Pollfish, which has excelled in market research since its foundation in 2013, was confirmed on Tuesday to have entered the fold of US company Prodege, following a long period of negotiations, Kathimerini understands.

Pollfish has created a market research platform that allows corporations and organizations to set up questionnaires and elicit a response through thousands of smartphone apps. Some 200 million people per annum participate in surveys through the apps and websites of its clients. Its rivals include Google Surveys, SurveyMonkey Audience and others.

Prodege, which reports annual revenues close to $350 million, is active in the same sector and has developed a platform that assists brands and agencies in compiling useful information in order to expand their customer base. US private equity fund Great Hill Partners recently invested in Prodege, aiming to support the expansion of the US company and its acquisitions plan.

The price for the takeover of Pollfish, sealed on Monday, appears to be some $70-85 million, and sources say that the engineering department that Pollfish has in Greece will be strengthened considerably.

The Greek startup has some 70 staff, of whom 55 work in Greece and the rest in the US. It was founded in Greece by John Papadakis, Andreas Vourkos, Yiannis Zaoudis and Zisis Bellas, and has had a steady presence in New York for over five years. It boasts some 3,500 clients, including Spotify, Apple and Netflix, as well as international organizations. Kathimerini understands its revenues are expected to top $20 million.

Pollfish began offering its product in the market in 2015-16, aspiring to construct a platform for fast, efficient and low-cost market research. It has recently enjoyed growth rates close to 100%, and according to database Crunchbase it has obtained financing near $17 million.

Among the companies to have invested in Pollfish are two Greek venture capital funds established in the framework of the JEREMIE EU initiative – i.e. PJ Tech Catalyst of Piraeus Bank and Odyssey Venture Partners. Other investors in Pollfish include the European Bank for Reconstruction and Development (EBRD), Woodside Fund and some angel investors.