26/04/2016

From a one-week prototype to a £1 million valuation in a year – financiers vote to invest in doopoll

Following the securing of its first round of investment, digital company doopoll has announced that it has been valued at £1 million just one year after start-up. 

doopoll is an online polling platform which aims to revolutionise the way businesses and organisations make decisions. The seven figure valuation was calculated by Finance Wales who alongside a private investor, have supported the start-up with its first funding package.
   
In 2015, doopoll’s co-founders Marc Thomas, Steve Dimmick and Sam Goudie, set out with an ambitious plan to open up the decision-making process to a wider audience by removing the barriers to inclusive and honest feedback.

Their product is a platform that focuses on honest, instinctive responses, and fast feedback. The company’s co-founders believe consensus facilitates change and that valuable information is lost for many reasons, whether that is a matter of engagement, accessibility, technology, or hierarchy. Inaccurate data can emerge from social bias from an employer or colleague, technological restraints impairing ability to participate or the inability to accommodate changes in the conversation.

The platform is available on any device and uses anonymous voting and live feedback. Users can react fast, rewording or adding new questions which emerge or deleting unnecessary ones.
Though the initial doopoll prototype was developed within a week, the platform is already being used on almost every continent. The platform is currently available in English, Welsh and French with plans to support more languages. Users include French liquor group Pernod Ricard, National Museum of Wales and Swansea University School of Management.
 
That success attracted the attention of IT industry expert, entrepreneur and angel investor Konrad Litwin. Recognising doopoll’s applications and growth potential, he chose to invest in the company alongside Finance Wales.

Explaining his reasons for supporting doopoll, Mr Litwin said: "This passionate management team are disrupting a niche that has become a vital but rarely welcome part of online life and transformed it into a dynamic feedback experience for both sides. It will only be a short time before the market is trying to play catch up with this innovative solution. I am delighted to be a part of this exciting journey that is already reaching a global audience."

This year also saw doopoll win the Sir Michael Moritz Tech Start-up Award at the 2016 ESTnet Awards. Following that, doopoll has been accepted to join ideas.fund, Wales’ first tech accelerator programme, which aims to identify start-ups in Wales that have the potential for rapid growth.  

Steve Smith, Director of Technology Venture Investments at Finance Wales, said: “doopoll are an award-winning, innovative technology business with the ambition and potential to become international market leaders. We were pleased to co-invest alongside Konrad Litwin, an experienced IT entrepreneur, to provide the company with the growth capital it needs to increase its operational capacity and continue to develop its online decision-making platform.”

Looking forward, doopoll’s co-founders are keen to continue with the global mind-set that has seen the beta version used on every continent bar Antarctica. The company is recruiting and as the platform transitions from its beta stage, doopoll is in conversations with developers around the world.  
  
Reflecting on the company’s development to date and plans for the future, Steve Dimmick, co-founder of doopoll and head of enterprise, said: “After a lot of hard work over the last year, this investment allows doopoll to accelerate our growth. We're thrilled to be partnering with Finance Wales and Konrad. It's a fantastic milestone for us, building on our achievements to date and giving us a platform for future success. We will now be building a global team and working with great international brands, both in and outside of Wales, to improve the process behind the decisions that drive their businesses.”