In-product user research platform Sprig helps companies identify whether there is a market need for their products and services. The startup recently raised $30 million in funding from new and existing investors including Andreessen Horowitz and Accel. Companies like Dropbox and Adobe use Sprig's platform to collect feedback from users on their software to identify areas where they can improve. Sprig says the process can help to build customer-centric products that are more likely to succeed.  Ryan Glasgow, Founder and CEO of Sprig, joins Cheddar News' Closing Bell to discuss.

Closing Bell

In-Product User Research Platform Sprig Raises $30 Million

sprig a startup helping companies identify whether there's a market need for their products and services recently raising $30 million in funding from new and existing investors like injuries and Horowitz and Excel. Well companies like Dropbox and Adobe Youth Springs platform to collect feedback from users on their software to identify areas for improvement and the company says the process can help to build customer centric products that are more likely to succeed. So joining me now is Ryan Glasgow founder and Ceo of Sprig. Ryan, thanks so much for coming on the show. Tell me more about the market need for your company. Thanks for having me Kristin and it's great to be back on. A year ago, I was on cheddar here announcing our $38 million 30 million as well as our new product line concept testing spring is really a platform, a research platform for conducting research across the product development lifecycle and so we help companies whether it's a new idea, concept or design that they're working on before they even write code to test and really understand what's working and not working as well as once they rolled out out those products in market with their customers also within product surveys to ask specific questions and really hear what's working or not working for those products that are in the market prior to Sprig, I was early stage product manager for five different companies that went on to be acquired and what I noticed is just how important it is to be customer centric and really building a product for customers and deeply understanding their needs and it's really great working on a platform now that lets all the other companies in the world deeply understand their customers and make experiences that matter. Well Ryan, I do want to show a full screen. I mean you're working with big time companies on this very product that you offer adobe open door shift square show the full screen here in just a moment. What's an example of one of these companies in adobe or an open door for instance turning to your company and using your services to better learn about their customer. Yeah, we've had some fantastic case studies since we launched a year and a half ago and you know, open doors. One case study that we do have that we can speak publicly speak about is really understanding how they can drive more people to actually book those in person test drives. Um, sorry, the in tour those homes as well. Um, shift is another customer that we work with for booking those test drives and really testing those cars before you purchase them. And both of those companies came to us with ambitious growth goals and looking to understand, you know what's working and not working and how to get more customers and using their products and they're able to turn to us to run in product research and ask those customers, help us understand what's really preventing you from taking that next step with their products, help us understand what's also working really well and where we could focus our products. And both of those companies Have been fantastic partners for us and we'd like to say we play a small part in their growth in going public over the past 12 months. Well, congratulations to you again, I know it's a bit of a choppy market out there, but your company successfully recently raising $30 million dollars from some big time investors to continue expanding Ryan, how is the health of your business right now? What are you seeing in terms of sales and what is the path to profitability? We certainly didn't need to raise any funding in the first half of this year. And we actually had no plans to. And so there was no plans, but our existing investors really saw the progress that we're making and really, really saw how critical spring is in, you know, great times, but also in times where, you know, companies really need to make sure that every launch hits the mark. Um, and so what we're seeing this year with everything that's happening is that companies are coming to us and really looking to understand how do we prevent churn? How do we keep the customers that we have? How do we adapt our products to really making sure that our products are really meeting our own customer needs. And so much has changed us here and uh the end customer needs have significantly change this. Funding is really going to go into the product development, so continue to strengthen our product line into sales and marketing as well. So to really accelerate building awareness for spring and what we have to offer the integrations and partnerships, we see a lot of other companies in our space really want to work with us and really think about how we can grow together and lastly to strengthen our financial and so we want new prospects, our current customers, new hires as well to really know that Spring is here to really win the category and take market share even in this current economic environment. Alright, Ryan, congratulations again. Thank you for coming on the show. I hope you come back. That's Ryan Glasgow, founder and Ceo of Sprig.