Today productboard announced a $45M Series B led by Sequoia Capital with new investor Bessemer Venture Partners and participation from our previous investors. Why are top VCs betting big on dedicated product management…
SAN FRANCISCO, CA, February 4, 2019 — productboard, makers of the leading product management system, announced today they have raised $10 million, expanding its initial Series A from July 2018 and bringing the company’s total funding to $19.7M. Index Ventures led this round and the firm’s General Partner, Jan Hammer, is joining productboard’s board of directors. All other previous investors, including Kleiner Perkins, Credo Ventures, Rockaway Capital, Reflex Capital also participated in this round.
Michael Stoppelman, former SVP of Engineering at Yelp, and PrimeSet, an Angel syndicate consisting of several Silicon Valley engineering leaders, are joining as strategic angel investors to provide their expertise in scaling large product and engineering organizations. They join productboard’s existing angel investors that include Eoghan McCabe, Des Traynor (Intercom co-founders), Clark Valberg (InVision co-founder), and Larry Gadea (Envoy co-founder).
Founded in 2014 by Hubert Palan and Daniel Hejl, productboard is leading a new trend of companies, both traditional and new, who are investing in and empowering their product organizations to win in the market. These product-led companies know that to win, they must deliver a delightful product experience faster than the competition.
“productboard is revolutionizing the product management function. Over the past few years, the product management organization has become the new command center in exceptionally run companies. We’re excited about their trajectory and their market leadership in the space.”
– Index Ventures General Partner, Jan Hammer
productboard provides these companies with a product management system that enables them to get the right products to market faster. Built on top of the Product Excellence methodology, productboard serves as the dedicated system of record for product managers and aligns everyone on the right features to build next. Product managers no longer have to sift through a complex array of tools, such as chat apps, emails, and spreadsheets, and Powerpoint to manage their workflow.
“productboard perfectly fits our workflow that is centered on acquiring and analyzing customer feedback from all our sources as quickly and easily as possible. It’s also easy to use and intuitive, making it an essential part of our product development process.”
– Alex Filipov and Mircea Grigore, Product Managers at UiPath
Since July, productboard has added many new features, such as a Slack integration, rich text editing, and enhanced prioritization scoring and the company has grown to 1,600 companies including Envoy, Twilio, UiPath, and Unity. productboard solves problems for all teams in an organization. Everyone has a stake in understanding what’s on the roadmap and why.
“productboard helps to remove the black box that often surrounds product management in an organization. Everyone including marketing, sales, relationship managers, and senior management have a single source of truth about the product. This enables our teams to make informed decisions when interacting with prospects, customers, and stakeholders.”
– Nicholas Thomson, Head of Product at Checkout.com.
With the new round of funding, productboard will continue to hire and invest in its core product, while also investing in the needs of larger companies and the broader product management community.
productboard offers a product management system that enables teams to get the right products to market faster. Designed on the Product Excellence Methodology, productboard serves as the dedicated system of record for product managers and aligns everyone on the right features to build next. Over 1,600 modern, product-led companies, such as Zendesk, Envoy, and UiPath, use productboard to understand what users need, clarify their strategy, and rally everyone around the roadmap. With offices in San Francisco and Prague, productboard is backed by leading venture capitalists and investors including Kleiner Perkins, Index Ventures, and Credo Ventures.
Learn more at productboard.com and follow us @productboard.
About Index Ventures
Index Ventures is a multi-stage international venture capital firm that backs the best and most ambitious entrepreneurs. These leaders are building truly transformative companies that are reshaping the world around them, including Dropbox, Etsy, Sonos, SoundCloud, Flipboard, King, BlaBlaCar, Squarespace, Just Eat, Lookout, Hortonworks, Nasty Gal, Pure Storage, Supercell, Criteo, Funding Circle and many others. Their physical presence in San Francisco and London and serve as places where their entrepreneurs can come together and jumping-off points to discover what’s next.
For more information, visit indexventures.com and follow us @IndexVentures.
About Kleiner Perkins
For five decades, Kleiner Perkins has made history by partnering with some of the most ingenious and forward-thinking founders in technology and life sciences. Through twenty venture funds and four growth funds we’ve invested $10 billion in hundreds of companies including pioneers such as Amazon, Genentech and Google. Today, Kleiner Perkins continues to help founders and their bold ideas make history investing in companies like Desktop Metal, IronNet, Ring, Spotify, Slack, and UiPath.
For more information, visit kleinerperkins.com and follow us @kpcb.