Developer Online Community Stack Overflow Raises $85 Million

By Amit Chowdhry ● July 29, 2020
  • Stack Overflow — one of the most trusted platforms for developers and technologists — announced that it has raised $85 million in Series E funding led by GIC

Stack Overflow — one of the most trusted platforms for developers and technologists that is visited by over 120 million people every month — announced that it has raised $85 million in Series E funding led by GIC with participation from new investor Silver Lake Waterman and existing investors Andreessen Horowitz, Index Ventures, Spark Capital, and Union Square Ventures. This round of funding brings Stack Overflow’s total funding to $153 million.

This funding round will be used to accelerate the company’s SaaS knowledge management and collaboration offering called Stack Overflow for Teams. And the funding comes on the heels of the product’s significant momentum with Stack Overflow for Teams’ revenue doubling every year since launching in 2017. Stack Overflow for Teams is used by thousands of companies including Bloomberg, Elastic, Expensify, Microsoft, Wix and Zapier.

And Stack Overflow for Teams is seeing rapid adoption as startups and large enterprises embrace platforms for streamlining developer and technologist workflows and integrating tools for transparency, security, and communication. More than 200,000 paid users across 5,000+ teams use the platform across Engineering, Product Management, Data Science, and Customer Support.

The COVID-19 pandemic has reshaped what the future of work looks like as a recent Gartner poll showed that 48% of employees will likely work remotely at least part of the time after COVID-19 versus 30% before the pandemic. And Stack Overflow for Teams addresses this emerging customer need by connecting distributed employees and enabling them to easily access a central source of knowledge to unlock information.

KEY QUOTES:

“This $85 million in new funding, fueled by the growth of Stack Overflow for Teams, allows Stack Overflow to scale rapidly, to accelerate our transformation into a leading SaaS company, to expand into new markets, and to continue to invest in our public platform and the community that is the foundation of our company.”

— Stack Overflow CEO Prashanth Chandrasekar

“Stack Overflow for Teams makes it easy for our developers to find the information they need quickly. It reduces the repetition of questions internally and eliminates cross-functional silos. Stack Overflow for Teams helps us drive more collaboration and innovation at Moody’s Analytics, especially as we’ve gone fully remote.”

— Chris Thomas, Managing Director at Moody’s Analytics (a customer of Stack Overflow)