Userleap Raises $16M to Enhance Product Management with Qualitative Data

For product managers to achieve success, the effective utilization of both numerical and descriptive data is essential. However, connecting these two data types and acquiring reliable, high-quality data presents a significant obstacle for organizations aiming to quickly develop and introduce new products.

UserLeap, established by experienced product leader Ryan Glasgow, believes it has developed a superior solution, a view shared by its investors. The company has announced the completion of a $16 million Series A funding round, spearheaded by Accel (with Dan Levine leading the investment), and including contributions from individual investors such as Elad Gil, Dylan Field, Ben Porterfield, Akshay Kothari, Jack Altman and Bobby Lo.

A primary difficulty in the process of swift product creation lies in the imbalance between the amount of numerical data and descriptive data available. Obtaining results from user questionnaires can require weeks or months, and even then, relies on users actually participating. UserLeap reports that the typical response rate for email surveys falls between 3% and 5%. Furthermore, product managers and data analysis teams often need to manually interpret and categorize this information, adding to the complexity.

UserLeap provides product teams with the capability to integrate a concise code snippet into their product, which then delivers brief, relevant questionnaires to users directly within the application. The company states that these questionnaires generally achieve a response rate of 20% to 30%, with instances reaching as high as 90%.

Additionally, the UserLeap platform analyzes the language used in responses and organizes the data accordingly. For instance, if different users use the terms "price" and "cost," the system will consolidate those responses into a single category.

Due to the surveys being integrated directly into the product and focused on specific actions or user journeys, and because the data is automatically processed and categorized, product teams can typically access this information within a matter of hours.

UserLeap’s pricing structure is based on the number of tracked end users, combined with the volume of surveys distributed each month, offering different tiers for survey quantities in increments of five. Glasgow highlights this as a key distinction compared to other survey platforms like SurveyMonkey or TypeForm.

“Our pricing is based on product usage, whereas many of our competitors utilize a per-user seat model,” explained Glasgow. “We are not concerned with the number of individuals who have access to our platform. Our primary objective is to encourage frequent use of our product.”

Essentially, the valuable insights derived from UserLeap can be freely shared and implemented throughout the entire organization without impacting the cost.

This recent funding round increases UserLeap’s total funding to $20 million – previously, First Round Capital led a $4 million seed funding round.

Current clients include Square, Opendoor and Codecademy. To date, the company has monitored over 500 million visitors and collected 600,000 survey responses.

The UserLeap team currently consists of 15 individuals, with women comprising 50% of the leadership team and people of color representing 33%. Throughout the entire company, women make up 32% of the team and people of color represent 42%.

“UserLeap places a strong emphasis on diversity and inclusion,” stated Glasgow. “A diverse team fosters an environment where employees feel comfortable and valued, allowing them to contribute their full potential. To this end, UserLeap employs a part-time recruiter dedicated to engaging candidates from underrepresented groups, and these efforts have been instrumental in achieving our diversity objectives.”