Why we Invested in Ribbon

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What is Ribbon?

Ribbon is a B2B Software company that aims to make it easy for product teams to recruit and interview users. Using a short code snippet, customers can embed Ribbon's toolset into their website in seconds, and begin conducting user interviews seamlessly.

Steve O'hear of TechCrunch took a look:

Who is behind it?

Axel Thomson, CEO of Ribbon

Axel Thomson - CEO and Founder

Axel is the sole founder of Ribbon. Prior to founding Ribbon in late 2020, Axel was a Product Manager at UK Unicorn Gousto. Prior to his time at Gousto, he worked in B2B Enterprise Sales at Recorded Future.

Prior to joining Recorded Future, Axel was a postgraduate researcher (MRes in Brain Sciences) at University College London, where he contributed to research on the neurophysiology of learning and decision-making at the Institute of Neurology.

Founder-market fit

Axel's time spent observing, leading and working within product teams, coupled with his experience in selling software to large enterprises, affords him the unique combination of experience and insight to build a large and impactful company. His experience at Gousto gave him first-hand accounts of user-centred product development and growth, a methodology employed by many of the worlds leading companies.

In addition to his prior experience, Axel possesses an excellent combination of commercial and technical know-how, which enabled him to bootstrap the business to its Product Hunt launch last year.

Overall he is diligent, product/customer-obsessed and able to both build and sell - some excellent attributes in a founder.

Traction

Following the Product Hunt launch in October, Axel has had a live product which you can try over at tryribbon.com.

Market Opportunity

The global product analytics market attained a value of $6.66 billion in 2020. The industry is further expected to grow in the forecast period of 2021-2026 at a CAGR of 14.9% to reach USD 15.33 billion by 2026. The industry is expanding due to the rising adoption of artificial intelligence. North America is expected to be the leading market due to the growing introduction of advanced technologies in the region.

More and more businesses, both on the SMB and Enterprise scales, are practising user-led research and design methodologies. High-growth and ambitious companies need to prove customer or user demand prior to investing precious resources and time into products or services. Utilising tools, such as Ribbon, drastically saves time and leads to a better allocation of resources.

The companies core belief is that by providing better and easier ways of implementing product discovery and user research, they will attract more teams to incorporate user research into their discovery process.

Companies focused on user research have already gained traction, validating that there is both a customer need and an opportunity to grow large businesses in this category. Examples of these companies include UserTesting.com, which generate ~£75m ARR servicing 4k users with their user testing panel of professional testers.

The market is large and only growing, and Ribbon is well-placed to capitalise on this opportunity.

Venture Pledge

Axel has chosen to support South Africans Against Drunk Driving (SAADD) as his cause through the RLC Ventures Venture Pledge.

Co-Investors

This ~$300,000 round was led by RLC Ventures and saw participation from MMC Ventures.

See more from Ribbon

Website: https://www.tryribbon.com/

LinkedIn: https://www.linkedin.com/company/ribbonux/

Twitter: https://twitter.com/RibbonUX