Fayetteville-based Field Agent announced a $2 million funding round from Five Elms Capital of Kansas City, Kan., that will allow some expansion for the mobile market research and retail data collection service provider.
“Our clients come to us because we have walked in their shoes and understand what it takes to deliver best-in-class data and insights from stores and homes along the consumer’s Path to Purchase,” said CEO Rick West. “In-store execution and shopper insights is where it’s at, and we can help clients and business owners maximize their efforts by providing important data and insights faster and more affordably than our competition.”
Field Agent has raised $4.5 million in capital since its inception in April 2010, with all of the proceeds coming from Five Elms, West said.
The market data solution company uses social media with an estimated team of 600,000 field agents across the globe who track down the data that ultimately provides the answers to questions posed by retailers and product suppliers.
West said this additional funding will allow for new product development on the company’s mobile platform. It will also finance the launch of a do-it-yourself solution for small businesses that seek to harness the power of Field Agent’s global network.
This investment is the second round of funding from Five Elms who invested $2.5 million in Field Agent in April 2013.
“Five Elms focuses on working with outstanding entrepreneurs who are changing their industries,” said Fred Coulson, managing partner of Five Elms Capital. “Field Agent is highly unique in its ability to service its clients better than its competitors through a combination of technology and industry expertise. In just two short years since our original investment, Field Agent has quickly become the industry leading provider of real-time, location-specific data collection and market research through its proprietary app and reporting engine.”