Forestreet, the next generation research platform has announced a £2.75m capital investment from Guinness Ventures, advised by White Horse Capital.
Forestreet has developed an automated research platform which can map every company and product in a market, down to feature level, on demand. The Forestreet AI engine processes millions of data-points to provide real-time, data-led insights.
Founded five years ago by Alex Miller, formerly COO of Octopus Ventures and David Doyle, formerly a Partner at PWC; Forestreet has been developing its technology with a number of marquee clients, providing services to three of the ‘Big Four’ consultancies and a number of leading investment firms.
The new funding will empower Forestreet to disrupt the research sector, enabling those who have been locked out from traditional research services by expense and exclusivity to access affordable, best-in-class data, via a subscription model.
This will increase the target audience – from its existing base of procurement, M&A, private equity and investment professionals – to a wider range of end customers in different sectors, enabling users to generate bespoke, comprehensive, granular and current data on demand.
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David Doyle, Co-founder Forestreet commented: “We are on a mission to replace analysts with analytics. We want to eliminate the bias that keeps challengers and innovators hidden from customers; to offer an alternative to the dominant model of opinion-based research, that has not changed fundamentally in 40 years. This funding will help us ensure that more users can find every relevant company in a market in hours rather than weeks and have the data to compare them objectively.”
Ashley Abrahams, Fund Manager, Guinness Ventures said: “We welcome Forestreet to the Guinness Ventures stable and are looking forward to supporting the development of the brand as they advance their pioneering use of AI in the mapping and tracking of a fast-moving technology market. Creating easier access to best-in-class research will help transform the research sector, enabling huge productivity gains over the coming years. We are delighted to be backing another certified B Corp and wholeheartedly support their ethical approach to removing bias in major industries.”
Ian Merricks, Managing Partner, White Horse Capital said: “White Horse Capital were delighted to have supported Forestreet on this pivotal funding round. The hugely experienced entrepreneurs building Forestreet have strong Venture Capital and Big 4 industry backgrounds and we were very pleased they utilised our VC investment readiness process to raise their Series A. The founders met Guinness Ventures during our scaleup training programme, and again impressed them at the November finale pitch event. We are very proud to have worked with them to speedily achieve their goals and secure this important institutional funding round.”
