Chicago: Lab42, a market research company, has raised close to $1 million in new seed round of funding from Sandbox Venture Fund, which is a Chicago based fund that invests in tech-enabled businesses.

Founded in 2010 within the incubation centre at Sandbox Industries, Lab42 is an innovative market research company that conducts surveys using social networks. “We make the full-service experience just as effortless as DIY survey tools by guiding our customers every step of the way and delivering timely results at a fraction of the cost of traditional research companies,” says Gauri Sharma, President, Lab42.

Prior to this Gauri was the Director, Client Services and Engagement Strategist for Viewpoints Network. Before this, she handled the post of Director at Mega International, a pharmaceutical manufacturing and exporting business. Gauri holds an MBA from Northwestern University, Kellogg School of Management, and a B.S. from Indiana University, Kelley School of Business.

The company’s solutions are ideal for advertising, marketing, and innovation agencies and consultancies. They offer a variety of market research options, ranging from a self-service tool to a comprehensive package that includes clients consultation, survey writing and programming, and infographic creation. Innovative companies such as Redbox, David & Goliath, Y&R, and Ogilvy are now turning to Lab42 for market research.

Matt Downs, Managing Director, Sandbox Venture Fund, says, “Lab42’s innovative and contemporized approach fills a void that we often encounter when working with startups of all sizes. By leveraging proprietary software, they are able to gather valuable insights from across the social web and we are thrilled about being part of their mission to succeed.”

Sandbox Venture Fund is a Chicago based venture capital fund that is managed by business incubator Sandbox Industries. The fund makes seed-stage investments in tech-enabled startups; in addition to lab42, it has invested in doggyloot, Lost Crates, and FeeFighters.