Qmarkets secures $5,2M funding
08 May 2017Leading the fund are LETA Capital, Club 100 Plus, and the State of Connecticut's Department of Economic and Community Development.
Qmarkets, the leading provider of collective intelligence solutions for idea & innovation management, has secured $5.2 million funding. The Company will use the funding to further expand its product roadmap and increase the Company's presence in the US market.
The funding follows a record year for Qmarkets in 2016 in terms of overall sales, revenue growth, and the number of new customers worldwide. The Company has shown a 50% growth in revenue, a 27% increase in the number of customers, and a 100% sales growth in the US market.
The Company also shows substantial increase in recurrent revenues. In 2016, MMR rates (monthly recurrent revenues) increased by 60% due to license renewals, deployments to other countries, departments and participants (such as suppliers and customers); and to purchase of additional products within the Q-360 suite such as Q-Live for workshops and Q-Open for external stakeholders.
Qmarkets recently marked ten years of operation during which the technology frontrunner originated many of the idea management tools deployed today in leading global enterprises, including an ideation platform for hundreds of thousands of people, company branded innovation campaigns and corporate crowdsourcing tools to engage with internal and external audiences.
Over the past ten years, Qmarkets has helped global corporations cultivate an ecosystem of innovation in the face of ever-growing digital disruption challenges. The Company’s solutions however go beyond innovation management: many companies use its collective Intelligence solutions for achieving return on investment in production and business processes. Examples include process and continuous improvement, performance excellence, and customer engagement.
“We recently released a number of new products within our Company's Q-360 offering”, says Mr. Noam Danon, Qmarkets’ CEO. “Products that are aimed at catering for additional enterprise needs, whether for internal or external.”
One example is Q-Scout, a platform that enables large organizations to efficiently identify, develop and assess external technological opportunities such as mergers, acquisitions, and partnership opportunities. Another example is Q-open, a platform for involving external stakeholders, such as suppliers and customers, in a large-scale open innovation initiative.
The latest release by Qmarkets is Q-City, a platform for governments and municipalities that helps them leverage the “wisdom of the crowd” of their employees and residents to improve public services.
“We have consistently followed through our innovations with market expansion”, adds Mr. Danon. Qmarkets has established itself has leader in the European market with customers that include major international corporations and large infrastructure providers such as Lufthansa, Swiss Railways, UBS, Nestle, RTE Corporation, Amadeus France, Ford Corporation, Boston Scientific and RCI Banque.
“Qmarkets is consistently recognized by the most well-known research analyst companies as a market leader, and the top Innovation Management solution across a variety of strategic business KPIs. From winning three Info-Tech awards for excellence, to receiving outstanding results in the 2016 Forrester Wave™: Innovation Management Solutions report, and most recently an appraisal in the Gartner Market Guide for Innovation Management Solutions.”, adds Alex Chachava, managing partner at LETA Capital.
“In the past few years we have seen an exceptionally strong growth in our US operations,” adds Mr. Danon. “This is due to the growth of the innovation management and ideation market in the US, and the interest of American companies in our solutions. . We see more interest, more demand, more tenders and more orders. The market is definitely growing and Qmarkets intends to lead that growth.”