San Francisco-based startup Productboard announced Wednesday that it raised $125 million in fresh financing. The Series D round, co-led by Dragoneer Investment Group and Tiger Global, values the newly minted unicorn at $1.75 billion. The massive round is the company’s first since it closed on its Series C in April of last year. Since then, its valuation has more than doubled.
“We have a massive opportunity ahead of us and an incredibly bold vision for a world where Productboard is the central product brain — the command center of every digital product organization out there,” Hubert Palan, CEO of Productboard, said in an email to Built In.
Productboard’s software provides teams with a way to turn their backlogs into customizable product roadmaps. On the company’s platform, product teams can work together and provide each other with feedback in real time. The software gathers large amounts of customer feedback as well, and translates it into actionable insights that product teams can use to prioritize their next steps.
“Product management is not project management. It’s not limited to the management of finite projects, tasks and milestones. It’s a discipline that involves overseeing the entire lifecycle of a product, or portfolio of products,” Palan continued. “It involves a never-ending process of prioritization, based on a vast number of inputs from customers, the market and the business. That calls for a completely different type of solution.”
Productboard’s long list of clients includes more than 5,400 companies including corporate giants like Microsoft, Zoom and Volkswagen.
With the latest funding, the company plans to scale its product offering and broaden its customer base. Productboard also plans to hire for its team. The company is currently on the lookout for 50 fresh faces to join its content, design and marketing teams, to name a few.
Productboard has raised $262 million in venture capital financing to date, according to the company.
Additional investors Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins and Index Ventures participated in the raise, among others.
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