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Europe Welcomes a New Unicorn from the CEE Region. Productboard Raises $125M Funding to Scale Its Leading Product Management Platform to Help Companies Build the Right Digital Products
The latest infusion of capital, led by Dragoneer Investment Group with Tiger Global as the secondary lead investor, values the Czech startup Productboard at $1.725 billion; the company also recently celebrated a milestone of more than 5,400 customers.
Productboard, the customer-centric product management platform that helps teams get the right products to market faster, today announced it has closed $125M in Series D funding. The round, led by Dragoneer Investment Group with Tiger Global as the secondary lead investor, includes additional participation from existing investors Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins, Index Ventures, and Credo Ventures. This latest funding round brings Productboard’s total amount raised to $262 million and a valuation of $1.725 billion. The investment will support and scale product offerings for Productboard’s growing base of enterprise customers, fuel hiring efforts, and continue to position the company as the leader in the product management software space.
Every company is becoming a digital company, but not every company excels at building extraordinary digital products,” said Hubert Palan, Founder & CEO of Productboard. “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. 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.
Today’s product leaders are under more pressure than ever. Talent is scarce, and with the great resignation has come a wave of attrition, where institutional knowledge that is pivotal for business continuity is negatively impacted by a revolving door of employees. Pressure to move faster has never been higher and achieving cross-functional alignment in a newly digital-first world where remote and hybrid work are now the norm is nearly impossible.
Productboard has been able to solve these problems for product management organizations in a meaningful way by creating a systemic way to build products. The platform provides a centralized hub that gathers customer feedback, streamlines complexity, provides structure, and enhances product visibility, access and alignment across the entirety of an organization. The data has consistently shown a clear need for the solution Productboard is building: 69 percent of product teams say that the products and features they release are not consistently well-received by customers, meanwhile, 3 out of 5 teams say they lack clear vision of where their product is headed.
“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 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 organization determine and manage product direction.”
From Zoom to Volkswagen, more than 5,400 companies of all sizes, across all sectors have looked to Productboard in their effort to digitally transform and get the right products to market, faster. When UiPath, another startup from the CEE region, decided to build out its end-to-end automation platform, they did so using Productboard. Now, Productboard joins UiPath as the newest addition to the European unicorn stable.
“We have partnered with Productboard over the last several years to help accelerate our release cycles,” said Param Kahlon, Chief Product Officer at UiPath. “The platform has enhanced our ability to launch products, while gathering the right feedback from our customers. With Productboard, we are able to focus on building the best products for our customers.”
In 2021, Productboard saw accelerated growth with its customer base. The company also partnered with leading companies like Microsoft, Salesforce, and more to help teams better integrate and collaborate. Productboard’s enterprise business has been growing at a rapid rate, and the team will continue to invest in building momentum in the upmarket segment in 2022 and beyond.
Learn more about Productboard’s product management platform and the future of product development.
About Productboard
Productboard is a customer-centric product management platform that helps organizations get the right products to market, faster. Over 5,400 companies, including Microsoft, Zoom, 1-800-Contacts, and UiPath, use Productboard to understand what users need, prioritize what to build next, and rally everyone around their roadmap. With offices in San Francisco, Prague, and Vancouver, Productboard is backed by leading investors like Dragoneer Investment Group, Tiger Global Management, Index Ventures, Kleiner Perkins, Sequoia Capital, Bessemer Venture Partners, and Credo Ventures. Learn more at productboard.com.
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $25 billion in long-duration capital. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Carbon Health, Ceridian, Chime, Datadog, Doordash, Duck Creek, Livongo, Maven, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.
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