As part of the Series C investment round, Productboard is raising money to accelerate growth and recruit more people. The transaction was led by the New York fund Tiger Global Management, which focuses on investing in the growth phase of advanced start-ups. The fund has previously invested in, for example, Airbnb, Uber, Stripe and Coinbase.
The investment round was also attended by existing investors from the elite American funds Kleiner Perkins and Sequoia Capital, as well as venture capital companies Index Ventures and Bessemer Venture Partners.
“Digital products today are the business of all modern companies, and Productboard has demonstrated the immense value of more effective planning and better collaboration in product teams in their development,” said John Curtius, Tiger Global Management partner.
The productboard was created in 2014. It was founded by former vice president of GoodData Hubert Palán and developer Daniel Hejl. Start-up creates software for more efficient product development, which is used by over four thousand companies. It helps them figure out where to go next in product development.
“The most valuable companies in the world are those that perfectly understand the needs of customers and satisfy them with top products. It is therefore surprising that most companies today do not have a system that would help them combine information about their plans and market needs with customer feedback, “says the company’s head Hubert Palán.
“The product board is doing extremely well. We got to the point where we didn’t need new funding, but there were simply opportunities that are not turned down, “adds Palán. Thanks to the investment, they want to further accelerate growth and expand the team by at least another hundred people by the end of the year.
The number of people on the Productboard has doubled in the last year. 230 people work for him in Prague, San Francisco and Vancouver. The company also plans to open offices in Dublin. In the Czech Republic, the company relocated to new offices in Prague’s Palmovka last year. According to the second of the founders, Daniel Hejl, the importance of personal meetings and cooperation will persist and will have its place even after the pandemic.
During the pandemic, the company began to reimburse employees for home office equipment, babysitting, internet upgrade, lunch delivery, or subscription to the Headspace meditation app. The productboard ranked 22nd in the recent ranking of the American magazine Forbes as the 22nd best startup employer out of 2,500 rated companies.
“We do not publish valuation or sales, but both of these numbers have grown rapidly since the last investment round,” says co-founder Daniel Hejl. Since its inception, the start-up has received a total of $ 137 million in investments, ie less than three billion crowns.
The start-up was founded in 2014 by Hubert Palán and Daniel Hejl. Their system gathers in one place information that was previously scattered across emails, Slack, Microsoft Teams, or customer communication tools. Such aggregated information then gives the company a better overview of product development, customer requirements and potential opportunities. Productboard’s customers also include Avast, JCDecaux, Zoom and the Romanian startup star UiPath.