Productboard raises $125M in funding led by Dragoneer, Tiger Global to help companies build the right digital products; now valued at $1.73 billion
Productboard, a San Francisco-based product management software maker, has raised $125 million in a late-stage funding round led by Dragoneer Investment Group and Tiger Global. Productboard plans to use the fresh capital to hire staff and expand products for its enterprise customers, the company said in a statement on Wednesday.
The latest round, which brings the company’s total funding to date to $262 million, now values the company at $1.73 billion, making Productboard a member of the highly-coveted unicorn club.
Last year, the startup saw accelerated growth with its customer base. The company also partnered with leading companies like Microsoft, Salesforce, and more to help teams better integrate and collaborate. Productboard’s enterprise business has been growing at a rapid rate, and the team will continue to invest in building momentum in the upmarket segment in 2022 and beyond.
Founded in 2014 by CEO Hubert Palan and Daniel Hejl, Productboard is the product management system that helps product teams get the right products to market, faster. Its software is used by over 3,000 modern, product-led companies including Zendesk, UiPath, and Microsoft.
In a statement, Palan said, “Every company is becoming a digital company, but not every company excels at building extraordinary digital products. Productboard solves for this.”
Palan continued, “We believe in a world with heightened competition, a new hybrid working model, and higher consumer expectations, incorporating customer feedback into every stage of product strategy and execution is ultimately the common denominator shared by the best products. We’re thrilled to leverage this new round of funding to further build out the Productboard platform and make product management more accessible to the entire business.”
Commenting on the funding, Christian Jensen, Partner at Dragoneer Investment Group, said: “It’s staggering that so many companies are investing so much in R&D, but doing so without asking, in a data-driven way, “what should we actually be building?” Jensen added, “Some of our portfolio companies started using Productboard, and the difference was night and day. The world is moving towards customer-centricity, and we finally have a data-driven system of record to help product managers and stakeholders across the organization determine and manage product direction.”
From Zoom to Volkswagen, more than 5,400 companies of all sizes, across all sectors have looked to Productboard in their effort to digitally transform and get the right products to market, faster. When UiPath decided to build out its end-to-end automation platform, it did so using Productboard.
With offices in San Francisco, Prague, and Vancouver, Productboard is backed by leading investors like Tiger Global Management, Index Ventures, Kleiner Perkins, Sequoia Capital, and Bessemer Venture Partners.