- Leading Search and Discovery solution company Algolia announced it raised $110 million in funding led by existing investor Accel
Algolia — a leading Search and Discovery solution company — announced it raised $110 million in funding. The company’s Series C round of funding was led by existing investor Accel with additional investments from Salesforce Ventures. The Series C investors also included Alven, DAG Ventures, Founders Circle, Owl Rock Capital, SaaStr Fund, and World Innovation Lab.
There are more than 4.5 billion people on the Internet and they are searching across 1.8 billion websites and millions of apps. Algolia is on a mission to help businesses of any size take control of how people search, discover, and find their products and content through a personalized and relevant experience.
“For too long, organizations have had to choose between building resource-intensive search tools by themselves and using lower-cost — but inflexible — set-it-and-forget-it search solutions,” said Algolia co-founder and CEO Nicolas Dessaigne. “Algolia solves for both by removing the cost and complexity of building search, while empowering businesses to create tailored experiences that engage and delight customers. Our rapid customer growth underscores both the market’s need to deliver amazing consumer experiences, and Algolia’s ability to help customers achieve these experiences.”
Algolia’s Search-as-a-Service solution and suite of APIs are purpose-built to be developer-friendly and it is easy to implement while its analytics, personalization, and A/B testing capabilities enable business users to maximize growth.
Algolia is experiencing rapid growth with over 8,000 customers using Algolia’s technology and it is helping brands present the products and content they want in milliseconds. Some of the companies that use Algolia include Stripe, Slack, Intuit, Discovery, Sephora, Lacoste, LVMH, and Birchbox use Algolia to deliver fast, engaging, and relevant digital experiences that drive results.
“Algolia has been a great search innovator and delivers unique experiences for customers across Commerce,” explained Mike Micucci, CEO of Salesforce Commerce Cloud. “Algolia’s integration into the Commerce Cloud platform will continue to drive momentum and mutual success with our developer, partner, and customer community.”
With this round of funding, Algolia is going to support its growth by focusing on further global expansion across the U.S., Europe and Asia-Pacific. And the new funding round will also support research and development teams to continue innovating and evolving Algolia’s Search-as-a-Service platform, focusing on personalization, machine learning, and voice search capabilities.
“Our customers demand an intuitive, stellar experience that Lacoste is known for worldwide,” commented Jeremie Szpiro, Global Digital Director, Lacoste. “The combination of Algolia and Salesforce Commerce Cloud is a critical part of delivering this digital experience across Lacoste platforms globally and has helped double our global sales.”
This year, Algolia was included on the Inc. 5000 list for the second year in a row. Algolia is listed at #448 on the 2019 5000 Rankings with 2018 revenues listed at $31.4 million and a 3-year growth of 1,015%.
“Delivering a fast, relevant experience to our online customers is a top priority,” noted Nicholas Maupin, Product Manager, Under Armour. “With Algolia, Under Armour has been able to move from a manual, time-intensive search tool to a fast, intuitive and insight-driven search experience to deliver what our customers are searching for.”
In conjunction with this funding round, Accel partner Nate Niparko is joining the company board of directors.
“With a world-class team of search experts and a passionate customer base, Algolia has become the market leader in Search-as-a-Service,” added Nate Niparko, a partner at Accel. “Algolia is accelerating innovation in personalized and intelligent search, enabling companies to deliver a great user experience that drives improved business results. We are excited to double down on Algolia and support their mission to lead the search and discovery market.”