Algolia turns unicorn raising $150M in Series D at $2.25B valuation
At a Glance
Algolia attains the unicorn tag, raising $150M in Series D from Lone Pine Capital. The round quadrupled its valuation achieved during its Series C in 2019, taking it to $2.25B. The company plans to address the increased demand for its search and recommendation products, continue its product expansion using the fund
Algolia, a provider of search-as-a-service platform, has turned into a unicorn, raising $150 million in a Series D funding round led by Lone Pine Capital at a post-money valuation of $2.25 billion, a press release from Algolia said.
Algolia’s Series C funding came in 2019, where it netted $110 million. With the close of Series D, the total funding raised by the company to date has touched $315 million, as per its statements. Other and existing investors – Fidelity Management & Research Company LLC, STEADFAST Capital Ventures, Glynn Capital, Twilio, and existing investors including Accel, and Salesforce Ventures – participated in the Series D round.
Algolia, launched in 2012, provides an API platform for dynamic experiences that enable organizations to predict intent and deliver results. In March this year, it announced its new vision for dynamic experiences to enable businesses to predict a visitor’s intent on their digital property in real-time. It stated that the fresh funding capped a landmark year driven by significant growth and product innovation.
Bernadette Nixon, CEO and member of the Board at Algolia, opined that the future would be API first, a reality underscored by the growth seen by Twilio, Stripe, Algolia and others in the API economy. Expressing delight at the funding, Nixon added,
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.Bernadette Nixon, CEO and member of the Board at Algolia
Nixon also stressed that Algolia would continue to expand beyond search with Algolia Recommend and Predict. The company said that it would use the proceeds from the funding to scale and serve the increased demand for its search and recommendations product and fuel its product expansion into adjacent use-cases and other markets.
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 improvementBernadette Nixon, CEO and member of the Board at Algolia