Blockchain startup BlockSurvey raises $500k

BlockSurvey, a blockchain-based survey platform, has raised $500k in a pre-seed round from blockchain innovators and strategic investors. The funding round saw participation from blockchain innovators, such as Stacks Accelerator, Gossamer Capital, DeSpread, GBV Capital, among others.

A41 Ventures, Zanavu Ventures, Badhouse Ventures, Trevor Owens, Jun Gong, former co-founder of Dapp[dot]com also participated. Bengaluru-based BlockSurvey is one of YourStory’s Tech50 startups for 2021.

The startup will use the funds to further develop its blockchain-based survey platform to be a data collection platform for the whole of Web3.0.

"We are happy to support Stacks blockchain ecosystem's OG project, which has been active since the days of Blockstack. We will support BlockSurvey to grow into a Web3.0 platform that will work in tandem with the 'Can't be evil.’ internet motto,” said GM Chung, Managing Director of DeSpread Creative.

The BlockSurvey blockchain blueprint

Wilson Bright and Raja Ilayaperumal founded BlockSurvey in 2020. It enables businesses and individuals to create no-code online forms and surveys and collect data based on anonymity. It's end-to-end encrypted, like Signal for surveys.

BlockSurvey aims to be the go-to tool for data collection with a focus on privacy and security. During the George Floyd #BlackLivesMatter movement, BlockSurvey emerged as a popular RSVP tool for protest rallies.

Wilson had earlier told YourStory, “I think people were looking for a safe, censorship-free tool in this space.” He explained, “When you fill a contact form, all your information is just gone; it’s almost like sending it through a blackhole and you can’t reclaim it,” adding how BlockSurvery is working towards changing that paradigm by giving every individual control over their digital identity and data.

Wilson says, “BlockSurvey's mission is to empower individuals to control their identities and data in the data sharing space. With just one click, forms, surveys, and data exchanges can be completed. At any given moment, you can see who has access to your data. You can also revoke permission for your data if necessary. This is done through a single decentralised wallet controlled by the user. In Web 3.0, BlockSurvey will change the way we collect and share data”.

Revenue and future roadmap

Incubated by Afthonia Lab and Stacks Accelerator, BlockSurvey has over 500 active members and is used by both individuals and companies.

To date, its users have collected about one million responses from people. The startup turned cash positive within six months of its launch.

BlockSurvey clocked $45,000 in revenue last year, with a monthly run rate (MRR) of about $4,000.

“Our run rate is also getting higher right now and I would say we are looking to break even in the next 12 months right now. We are looking at getting $20,000 in monthly recurring revenue and, right now, our run rate is about $15,000. We are looking to clock in about 100k by the end of this year,” Wilson told YourStory.

As highlighted in the YourStory December 2021 article titled [Year in Review 2021] Top 10 blockchain startup stories to look back upon, “The market cap of crypto worldwide crossed $3 trillion for the first time, the value of assets locked in DeFi surged past $100 billion, and hundreds of NFTs sold for millions of dollars, and more.” Indian crypto exchanges also raised large rounds of funding and two startups — CoinDCXand CoinSwitch Kuber — turned unicorns, entering the billion-dollar valuation club in 2021.

As Indian builders, developers, and entrepreneurs are now riding the blockchain, Web 3.0, and crypto wave, the Indian economy is also looking forward to leverage it for increased efficiency.