- Productboard recently announced it raised $125 million in Series D funding. These are the details.
Productboard — a customer-centric product management platform that helps teams get the right products to market faster — recently announced it has closed $125 million in Series D funding. The funding round — which was led by Dragoneer Investment Group with Tiger Global as the secondary lead investor — includes additional participation from existing investors Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins, Index Ventures, and Credo Ventures.
This funding round brings Productboard’s total amount raised to $262 million and a valuation of $1.725 billion. And the investment will support and scale product offerings for Productboard’s growing base of enterprise customers, fuel hiring efforts, and continue to position the company as the leader in the product management software space.
Productboard has been able to solve problems for product management organizations in a meaningful way by creating a systemic way to build products. And the platform provides a centralized hub that gathers customer feedback, streamlines complexity, provides structure, and enhances product visibility, access, and alignment across the entirety of an organization. The data has consistently displayed a clear need for the solution Productboard is building: 69% of product teams say that the products and features they release are not consistently well-received by customers, meanwhile, 3 out of 5 teams say they lack clear vision of where their product is headed.
From Zoom to Volkswagen, over 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, they did so using Productboard.
Last year, Productboard saw accelerated growth with its customer base. And 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.
KEY QUOTES:
“Every company is becoming a digital company, but not every company excels at building extraordinary digital products. Productboard solves for this. 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.”
— Hubert Palan, Founder & CEO of Productboard
“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? 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.”
— Christian Jensen, Partner at Dragoneer Investment Group
“We have partnered with Productboard over the last several years to help accelerate our release cycles. The platform has enhanced our ability to launch products, while gathering the right feedback from our customers. With Productboard, we are able to focus on building the best products for our customers.”
— Param Kahlon, Chief Product Officer at UiPath
