Prague-born and San Francisco-based Productboard has raised $125 million in a Series D funding round that was co-led by Tiger Global and Dragoneer Investment Group, and in so much, provides the company with a $1.725 billion valuation. The new capital is slated to further scale the company’s product lineup and help drive ongoing recruitment efforts, all in order to meet an increasingly larger customer base. Since 2015, Productboard has raised a total of $262 million.
In light of the elephant in the room, the war for talent is real, the Great Resignation is only just beginning, and the pressures to move faster and “ship it” are at an all-time high. A revolving door of employees and the subsequent brain drain therein incurred does not for great product development make.
Enter, Productboard. Founded in 2014 by Daniel Hejl and Hubert Palan, two engineers from the Czech Republic, Productboard is tackling this problem for product management organisations by offering a system of record for product development, where engineers, developers, and designers can not only collaborate and track progress — but also get user insights and ensure the product is developing according to actual user need.
And some 5,400 clients, including Microsoft, Zoom, UIPath, and Volkswagen, agree.
“Every company is becoming a digital company, but not every company excels at building extraordinary digital products,” explained CEO Palan. “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.”
In addition to Tiger Global and Dragoneer Investment Group, Productboard’s $125 million Series D funding round saw participation from existing investors Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins, Index Ventures, and Credo Ventures.
“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?” said Dragoneer Investment Group’s Christian Jensen. “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.”
Editors note: The Prague office moved into a new space last year and they have a climbing wall!