Productboard, the customer-centric product management platform that empowers teams to deliver the right products to market faster, today announced that it raised $72 million in Series C funding led by Tiger Global Management with participation from existing investors Index Ventures, Kleiner Perkins, Sequoia Capital, and Bessemer Venture Partners.
Productboard has grown rapidly in the last year and now supports over 4,000 companies, including new key customers Zoom and JCDecaux, which join the ranks of Microsoft, Disney, UiPath, 1-800 Contacts, and many others who rely on Productboard to build winning digital products.
“The rapid adoption of Productboard is based on the reality that the companies who understand their customers the most deeply and move quickly to build the best products are the ones who will capture the greatest market share,” said Hubert Palan, Co-founder & CEO of Productboard. “Today’s investment allows us to expand our support for complex enterprises and help even more customers deliver the right products to market the first time.”
The most valuable companies succeed by putting customers at the center of their product development process. Yet most product teams don’t have a system of record to consolidate customer information in a way that informs and drives product strategy and prioritization, and creates alignment across different parts of a company.
As a result, most product teams are slow to respond to changing customer needs, fail to innovate rapidly, operate inefficiently, and face a high risk of product failure.
In our current economy, digital experience is the single most important competitive advantage a company can sustain, and with Productboard, entire product organizations can consolidate customer insights and identify trends to help them prioritize the right products and features based on what’s most important to the business.
As a result, organizations accelerate innovation, optimize operational efficiency, and eliminate risk of product failure.
Productboard will use the new capital in three key areas:
- Enhancing the functionality of its platform to serve the needs of its rapidly growing enterprise customer base and scaling its partner ecosystem
- Expanding its global presence, including opening a new Dublin office and growing its Vancouver team
- Hiring an additional 100+ employees in 2021 after more than doubling the team in the last 12 months
“Digital product management is a critical function of any modern business, and Productboard has demonstrated the immense value product teams gain by streamlining their product operations,” said John Curtius, Partner at Tiger Global. “We’re excited to help them accelerate their rapid expansion and continue to lead the Product Management Software category to new heights.”
Productboard’s continued maturation is reflected in the recent addition of enterprise veterans like Srinivas Krishnamurti (SK), SVP of Product, and D’Arcy Doyle, SVP of Sales, to the executive team. SK held previous product roles at CultureAmp, VMware and IBM, while D’Arcy brings sales experience from Carta, Box, and Oracle.