GutCheck has raised $4 million in a recent round of funding led by Icon Venture Partners. Existing investors Highway 12, GroTech Ventures, Crawley Ventures, and Village Ventures also participated in the financing, according to VentureBeat.
The Colorado-based marketing research firm aims to save clients from bad business ideas. The firm provides ordinary entrepreneurs with access to a community on which they can test out the potential of their business idea. Clients can tailor the demographic and geographic features of the community audience to hear from specific groups of people who may become their customers in the future, the report explained.
Customers will be able to receive feedback about the market research within three days of posting their queries, the report added.
GutCheck's clients include Nestle, KFC, Intel, The Home Depot, and General Mills. The firm said it will use the new capital for its product development and for its sales and marketing efforts, VentureBeat reported.
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