Image credits: Productboard
Productboard, a customer-centric product management platform, announced that it has closed $125M (approx €110M) in a Series D round of funding at a valuation of $1.72B (approx €1.52B), thereby reaching the coveted ‘unicorn’ status.
The round was led by Dragoneer Investment Group with Tiger Global as the secondary lead investor. Existing investors, including Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins, Index Ventures, and Credo Ventures, also participated.
Get to know the amazing finalists here
The funding announcement comes ten months after securing $72M (approx €63.7M) in a Series C funding round. The latest round brings Productboard’s total funding raised to $262M (approx €231M).
Fund utilisation
The Czech firm claims the new funds will enable it to scale its product offerings, accelerate hiring efforts, and cement its leadership position in the product management software space.
Hubert Palan, Founder & CEO of Productboard, says, “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.“
Sandwiched between technology, business and user experience, product managers are under more pressure than ever. Here’s where Productboard fills the gap.
Productboard: What you need to know
Founded by Hubert Palan and Daniel Hejl in 2014, Productboard helps companies to build a product in a systematic way.
The platform provides a centralised hub that gathers customer feedback, streamlines complexity, provides structure, and enhances product visibility, access, and alignment across the entirety of an organisation.
Partnerships, community, and growth
Over 5,400 companies, including Microsoft, Zoom, 1-800-Contacts, and UiPath, use Productboard to understand what users need, prioritise the next step, and rally everyone around their roadmap.
Last year, the company joined hands with Redmond tech giant Microsoft for integration with Microsoft Teams to capture crucial product feedback to build the right products.
The company also launched a new community called Product Makers – a destination for 2200+ product makers to grow their product knowledge and share best practices.
In 2021, Productboard saw accelerated growth with its customer base. It has offices in San Francisco, Prague and Vancouver.
Investor
Dragoneer is a growth-oriented investment firm with over $25B in long-duration capital. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses.
“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?” says Christian Jensen, Partner at Dragoneer Investment Group.
“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 organisation determine and manage product direction,” he adds.
How partnering up with Salesforce helped him succeed!
