One of the Best Software Startups, productboard, Raised $45M with a $350 Million Post-Money Valuation
Productboard is a startup that makes software for product managers to manage the development of new features and products. Hubert Palan, CEO of productboard announced that the company has raised $45 million Series B funding round from investors led by Sequoia Capital and Bessemer Venture Partners.
With the investment, productboar will invest in traditional growth areas for an enterprise software company, such as sales and marketing, and hiring for other areas in its offices in San Francisco, Prague and Vancouver. Hubert's ultimate goal is to keep growing by integrating new tools, advertising, and customer feedback.
Considering the amount of the investment that productboard raised, the company itself started off slowly back in 2014. Hubert Palan started the project along with his co-founder, Daniel Hejl. He emphasizes that when joining a startup, the team members need to be passionate and driven by the product, not by the reward. Most of productboard's engineering team was and still is in Prague, due to the high cost of labor and living in Silicon Valley. They raised their first investment of $1.3 million in 2016 by Index Ventures and Credo Ventures in Europe.