Premise raises $50 million Series C led by Valor Equity Partners
We’re proud to announce that we’ve closed a $50 million round of funding led by Valor Equity Partners.
Valor’s Antonio Gracias will be joining our Board of Directors. Antonio joins existing Board members Larry Summers, Chamath Palihapitiya (Social+Capital), Karim Faris (Google Ventures), and the two of us.
Valor is a visionary investor with a track record of helping extremely ambitious companies scale their sales functions and fine-tune internal business processes. They have done this most notably with SpaceX and Tesla, and we’re thrilled that we will now partner to attempt the same thing for Premise. Valor’s particular focus for Premise will be on revenue generation, refining the sales and business processes, and improving efficiencies on our contributor network as it continues to grow. Ultimately, greater efficiency in our information supply chain means better decision-making, faster.
We’ve come a long way since this email exchange in February 2012 that birthed the idea for Premise. Here’s one of our favorite highlights:
We believed — and now know — that the rapidly changing tech landscape, with billions of humans wired in directly to the internet, can drive innovations in economic measurement.
In October 2013, in the middle of the government shutdown (and, unbelievably, there’s potentially another one around the corner), we launched the company. Fast forward two years and the current market volatility and geopolitical instability are unprecedented in their complexity, nuance and interconnectedness. This, more than ever, cements the need to fill information gaps — and faster than ever before.
Premise is now in nearly 200 towns and cities, urban and rural, spanning 32 countries. By the end of this year, we’ll be in 50 countries. Our network is currently 25,000 strong, expanding to 40,000 by the end of this year.
We are maturing in our ability to provide a range of data and insights around everything from mapping financial access in emerging markets to ensuring the sustainable funding of healthcare systems. Among the highlights on the business front:
- Received grant funding from the Bill & Melinda Gates Foundation to map financial access points in Nigeria
- Expanded our partnership with The World Bank to measure government revenue-recovery efforts throughout the Philippines
- Entered the second year of our Nigeria price indicator developed for Standard Chartered Bank
- Expanded our work with World Food Programme, UN FAO and Pulse Lab Jakarta to monitor resource security in Indonesia.
We know we have our work cut out for us but we couldn’t be more excited to forge ahead.
David Soloff, CEO and co-founder, Premise
Joe Reisinger, CTO and co-founder, Premise