Productboard, the Prague and San Francisco-based startup building product management software, raised a $45 million Series B round led by Sequoia Capital. The round brought on board Bessemer Ventures, and was supported by previous investors, as well. Sources say the latest funding puts the company’s valuation at around $350 million.
The productboard team believes that product management systems will transform business as much as CRMs did in the 2010s. The software aims to be 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.
Founded in 2014 by Daniel Hejl and Hubert Palan, two engineers from the Czech Republic, the software startup raised a European seed investment of $1.3 million led by Index Ventures and Credo Ventures. The company later launched at the 2016 TechCrunch’s Disrupt Startup Battlefield in San Francisco. Today productboard has offices in both places, plus Vancouver, and serves 2,500 customers.
The latest funding will go toward innovating the software further, providing more automation, product-specific workflows, and additional data integrations. Productboard aims to be a tool that every functional team can use: marketers, customer success, and sales.
Andrew Reed, Partner at Sequoia, said: “Product is too important and too central in organizations to rely on general-purpose tools. There needs to be a system of record for Product that not only consolidates inputs to support prioritization decisions, but closes the loop with the customers and teammates who provided them to align everyone around a more strategic, data-driven roadmap. productboard is building the system of record for Product and we’re thrilled to partner with them and help companies get the right products to market, faster.”