We are thrilled to announce that Multytude has been spotlighted in Webrazzi, Turkey's foremost authority in technology news. This feature marks a significant milestone in our journey, underscoring our commitment to strategic geo-expansion and innovative technology solutions.
Webrazzi, known for its insightful coverage of technology trends and industry breakthroughs, has recognized Multytude's efforts in leveraging cutting-edge technology and a robust partner network to drive successful market entries and geo-expansion strategies for brands.
As we continue to expand our horizons and forge new partnerships, this acknowledgment from Webrazzi not only fuels our motivation but also reaffirms our position as a leader in market research for geo-expansion, product innovation and trends analysis. We are deeply honoured by this recognition and remain dedicated to powering brand strategies through influencer-led, real consumer conversations at scale.
Stay tuned for more exciting developments from Multytude, as we persist in making crowds talk on topics that matter most to brands.
You can access the article in Turkish on this link.
For our English speaking readers, we have translated the article into English below.
Translation of original article follows:
AI-Powered Venture, Multytude, Facilitates Brands' Entry into International Markets
Multytude assists brands in their efficient and successful entry into international markets with the right products and go-to-market strategies.
Multytude: An AI-Powered Venture Aiding Brands in Entering International Markets
Founded in London by entrepreneurs Hatice Ugurel and Yalın Solmaz, who have lived in the UK for many years, Multytude is a technology-powered consultancy firm. The duo, after extensive managerial experience at Google and YouTube UK, covering numerous markets and platform products in the EMEA region, established Multytude in 2021.
Multytude helps brands successfully enter international markets with the right products and go-to-market strategies. The venture combines its proprietary technologies with other partnerships needed for entering new markets to provide this service.
Investor Hande Enes played a significant role in the foundation story of Multytude. Before investing, Hande Enes had been searching for a tool that could quickly, effectively, and on a large scale understand consumer demand and the desire to use the products of the startups she was looking into in the market. This aligned with the founders' platform experience, especially on YouTube, where brands were looking for effective collaborations with influencers beyond marketing which led to the inception of Multytude.
Multytude currently operates with a team of five. The company continues to develop technology with two full-time developers. In addition to their core team, it has dozens of consultants, especially in the field of AI.
Product Details and Investment
According to information shared by the team, Multytude's infrastructure was developed over two years and was customised based on specific needs. The platform developed various tools for influencers, including an AI-supported live stream director system. The GPT4 model was highly customised for market research and conversational insights purposes after an extensive "prompt engineering" process. The entire software infrastructure was developed using scalable, state of the art modular technologies and software tools. The entire process, from the creation of questions fit for the influencers to the real-time automatic analysis of responses, is AI-supported.
Multytude was initially financed by its founders. However, by the end of 2022, it completed its pre-seed investment with participation from the UK-based Angels and an Angel syndicate, raising £350,000.
Multytude's Product Features and Operational Area
Multytude's influencer network currently has more than 4,000 global influencers. The company works with global brands that target direct consumers. The founders illustrate the main benefits provided to brands through two examples.
One of Multytude's clients, a global beverage brand based in Turkey, successfully expanded into the UK market with Multytude's assistance. Using its technology, Multytude supported each phase of the expansion from pre-research to testing the product with real consumers, to re-creating the way it’s presented and new flavours, all without compromising the product's essence, to meet local expectations and taste habits. They have measured the impact of influencer marketing campaigns on brand awareness as well, providing the baseline to the brand in their future campaigns.
Another example is their service provided to a Dubai-based ice cream brand for its expansion into Saudi Arabia and other Middle Eastern markets. The process began with a preliminary research using Multytude's technology and influencers to understand the target market's consumers, followed by the creation of new products under the guidance of Multytude's innovation consultant partner in that country, and is now in the marketing strategy development stage. This process was completed in less than a month, demonstrating Multytude's strength in technological and collaborative approaches.
When asked about their competitors, the founders noted that many consultancy firms worldwide help local brands enter global markets. These companies typically try to understand the target geography's culture, consumption habits, local tastes, and language through surveys or conventional methods. However, the founders emphasise the need for a rapid research environment that uncovers insights based on not just the obvious questions but also the unexpected ones. Consumers change their opinions quickly. Due to the absence of an existing tool for this need, Multytude developed its technology and can quickly guide brands through its influencer network.
Based on their own words, three key features distinguish Multytude from its competitors. Firstly, the ability to quickly gather preliminary insights from crowds interested in the product and category in the target market through its technology and influencer network. Secondly, the development of strategies based on these insights and combining them with other partnerships needed for the brand's entry into the new market. And lastly, the venture can predict trends and measure the influencers’ impact in creating these trends, enabling continuous and timely trend discovery.
Multytude operates on a project basis, with pricing per project and commission on product sales.
Future Plans of the Founders
Multytude primarily aims to grow by offering their services to companies that directly target consumers and have successfully created a strong brand in their own market before entering global markets by leveraging the network and partnerships it established. At the same time, it aims to continue developing its own technology and AI capability built on first-party data, and to offer this technology on a scalable basis to brands that have successfully expanded into countries and are now in the growth phase.
Considering that the global e-commerce volume is expected to reach 5 trillion USD by the year 2028, and taking into account the obstacles being placed before both online and physical globalisation, the value of the technology + culture focused service provided by Multytude is deemed incredibly high at the moment.
In the long term, they aim to establish a framework that will facilitate investment decisions based on this global accumulation of knowhow and data.
