Algolia – AI-Powered Search API Raises $150M in Series D with $2.25B Post-Money Valuation
Jul 29, 2021
Six months ago, we announced acquisition of MorphL by our portfolio startup, Algolia and we are pleased to share that now Algolia’s valuation has also increased by 4 times (since the valuation of last Series C ) after adding $150M of funding in Series D.
The funding round was led by Lone Pine Capital in participation with Twilio, Steadfast Venture Capital, Fidelity Management and Research Company, Glynn Capital Management, Salesforce Ventures, Owl Rock Capital, Accel, DAG Ventures and World Innovation Lab. This intelligent search startup offers a hosted search API for developers to add search feature in their websites/apps using which users can find relevant content easily. Moreover, a hosted recommendation API is also provided for e-commerce businesses using which businesses can predict the intent of their customers and then make recommendations to them based on their intent. This helps e-commerce businesses to increase their revenues by making more sales. According to the statistics provided by Algolia , startup is handling 1.5 Trillion search queries per year and serving 400K+ developers and 10K+ enterprises including Slack, Atlassian, Coursera, Nintendo, NBCUniversal, Medium, Salesforce, WeWork, Stripe, Twitch, Adobe, Intuit & Magento etc. Here is the quick financial timeline of Algolia:
After this Series D, the total funding amount of Algolia is now summed up to $315M. This new funding round caps a landmark year that saw significant growth and product innovation. Algolia launched with the goal of creating fast, instant, and relevant search and discovery experiences that surfaced the desired information quickly. Earlier this year, the company announced its new vision for dynamic experiences, advancing beyond search to empower businesses to quickly predict a visitor’s intent on their digital property in real time, in the session, and in the moment. The business, armed with this visitor intent, can surface dynamic content in the form of search results, recommendations, offers, in-app notifications, and more — all while respecting privacy laws and regulations. “The future is API-first – a reality underscored by the growth seen by Twilio, Stripe, Algolia and others in the API economy. A huge part of our success has, and will continue to be, our relentless focus on developers with our PLG strategy – enabling them to build search into their websites and apps, so they create the most relevant and dynamic digital experiences.” said Bernadette Nixon, CEO, Algolia. “And we’re excited to continue to solve customers’ problems as we continue to expand beyond search with Algolia Recommend and Predict.”
“The amazing thing about software is that you can continually iterate on it and Algolia’s API-first approach ensures that companies can build amazing experiences and great digital products, and create a cycle of continuous improvement,” continued Berandette Nixon. “Companies such as Under Armour, NBC Universal, Société Générale, Stripe and many others are taking this approach and are the ones winning the hearts, minds, and wallet of their customers.”
Meanwhile, the company added seven leaders to its executive suite in the last 18 months, with the appointment of Bernadette Nixon (chief executive officer, formerly of Alfresco), in addition to Michelle Adams (chief revenue officer, formerly of Dropbox), Carlton Baab (chief financial officer, formerly of Alfresco), Piyush Patel (chief business development officer, formerly of Capgemini), Jim Schattin (chief customer officer, formerly of Alteryx), Jason McClelland (chief marketing officer, formerly of Salesforce and Adobe), and Bharat Guruprakash (chief product officer, formerly of Twilio). Please read full story at Algolia Blog .