SurveyMonkey, a provider of online survey solutions, has announced that an investor group led by Spectrum Equity Investors and including Bain Capital Ventures has entered into an agreem
SurveyMonkey, a provider of online survey solutions, has announced that an investor group led by Spectrum Equity Investors and including Bain Capital Ventures has entered into an agreement to acquire a majority interest in the company.
Financial terms of the transaction were not disclosed.
Founded in 1999, SurveyMonkey provides online subscription-based survey solutions that enable people to quickly and easily create surveys, collect responses and analyze survey results. Since inception, over two million users have registered with SurveyMonkey, creating over six million surveys and generating over 200 million completed surveys.
As part of the transaction, Dave Goldberg (pictured) will become chief executive officer of SurveyMonkey and a minority investor in the company. Goldberg has been an entrepreneur in residence with Benchmark Capital since May 2007 and previously led Yahoo’s music business. He will be based in Menlo Park, where SurveyMonkey plans to open an office in the next month. Founders Ryan Finley and Chris Finley will remain with the company based in Portland and will retain a minority ownership interest.
Victor Parker, a managing director of Spectrum Equity Investors, says: ‘Over the past nine years, Ryan and his team have pioneered the online survey market and established SurveyMonkey as the leading provider of this increasingly in-demand service. We believe SurveyMonkey is poised for significant growth and are pleased that Dave, who brings 15 years of experience in consumer content and subscription businesses and a successful leadership track record, will assist us and the company’s existing team as we scale the business and continue to provide a great experience for users.’
Finley says: ‘We are thrilled to partner with Spectrum and Bain and welcome Dave to the SurveyMonkey team. Our new partners truly understand the key elements behind our continued growth in an increasingly competitive environment. We look forward to working together to build upon our strengths as we continue to provide a user-friendly survey tool that meets the needs of our rapidly expanding user base.’
Goldberg adds: ‘Ryan, Chris and their team have developed a remarkable service and a market-leading brand that appeals to everyone from large corporations to non-profit organisations to college students. I am excited to join the company and look forward to growing the SurveyMonkey user base and community, providing enhanced services and products and adding to the already talented team of employees.’
As an entrepreneur in residence at Benchmark Capital since 2007, Goldberg evaluated investment opportunities for the firm and advised their portfolio companies. Prior to Benchmark Capital, he had served as vice president and general manager of Yahoo! Music, where starting in 2001 he led the company’s global music operations. Goldberg founded Launch Media in 1994, which was dedicated to delivering music and music-related content online, and he led the company through its acquisition by Yahoo! in 2001.
