Blockchain-fueled data marketplace Measure Protocol has received £2 million in additional funding led by Dynata and Blockchain Valley Ventures (BVV), with Medicys Limited also joining the round.
Owen Hanks, CEO of Measure Protocol said:
“The new investment is a clear illustration that the industry is starting to pay attention to consumers’ needs, both from a practical and ethical standpoint. The super-power of blockchain is its ability to build trust in a marketplace, and provide a foundation upon which to meet the consumer’s needs for privacy and transparency – whether they are aware of the technology taking place in the background or not. Having additional funding to work toward a fair model for both consumers and data buyers is a fantastic step forward for our team.”
Measure Protocol plans to use the new funding to accelerate audience growth and expand their blockchain technology to address growing concerns around fraud, privacy, transparency and consumer participation rates in the market research and data industries.
Gary Laben, CEO of Dynata, said:
“Dynata is committed to developing and investing in the next wave of technologies, such as blockchain, that have the potential to transform the future of insights, advertising and marketing. This investment is in line with our long-standing, member-centric approach to bringing transparency and fair value exchange with members to the forefront while ensuring the quality and security of data for our clients.”
Paolo Guida, Head of Investments at Blockchain Valley Ventures said:
“We are very pleased to support Measure’s highly experienced team, which extensively investigated how blockchain technology could be applied to solve real problems and to provide better and more efficient services to the market research industry. We think Measure’s solution can improve certain business KPIs by a factor of 10 times.”
Measure has built a blockchain-based marketplace where individuals take control of their data and monetize it directly with researchers, advertisers and brands.
Consumers contribute data by completing surveys and other data-generating tasks or by providing access to existing data sources such as purchase and location. This new funding will help Measure continue to create a blockchain-powered ecosystem that is founded on principles of data sovereignty, privacy, transparency and fair compensation.
Dynata is the world’s largest first-party data and insights platform. With a reach that encompasses 60+ million consumers and business professionals globally and an extensive library of individual profile attributes collected through surveys, Dynata is the cornerstone for precise, trustworthy quality data. The company has built innovative data services and solutions around its robust first-party data offering to bring the voice of the customer to the entire marketing continuum – from strategy, innovation, and branding to advertising, measurement, and optimisation. Dynata serves nearly 6,000 market research, media and advertising agencies, publishers, consulting and investment firms and corporate customers in North America, South America, Europe, and Asia-Pacific.
Blockchain Valley Ventures is a Swiss-based blockchain corporate finance advisor and venture capital firm with offices now in Zug, Zurich and Singapore and partnerships in London, Frankfurt, US and Israel. BVV backs ambitious teams with global ambition from through seed, Series A and B rounds. BVV follows a vertical industry approach, trying to identify key trends and strong founders who can use the blockchain technology to disrupt or make existing industries more efficient. BVV encourages cooperation with other strategic and VC investors to back businesses that have a minimum viable product and can show signs of early traction.
Measure was founded in 2018 by a group of media, ad tech, and market research technology veterans. Created to help consumers take ownership of their data and address data quality issues for buyers, Measure is an open blockchain-based protocol that facilitates a marketplace for person-based data where individuals take control of their data and monetize it directly with researchers, advertisers and brands. Consumers contribute data by completing surveys and other data-generating tasks or by providing access to existing data sources such as health and location from within the company’s MSR App for iOS. Founded on principles of data sovereignty, privacy, transparency and fair compensation, Measure provides an ecosystem that addresses challenges faced by the market research, advertising and AI industries.