Total amount raised
$51 Millions
Latest funding date
5/1/2022
Location
Assembled has successfully raised significant funding through multiple rounds, with the latest being a Series B round on May 26, 2022. The company is backed by prominent investors, including Basis Set Ventures and Emergence Capital.
Keep reading to explore the intricacies of Assembled's fundraising journey and the investors backing this innovative platform.
What Is Assembled?
Assembled, founded in February 2018, is a workforce management platform based in San Francisco, California. The company was established by Brian Sze, John Wang, and Ryan Wang.
Assembled helps modern organizations scale customer support teams by providing tools for forecasting support volume, scheduling, and unified metrics. Their platform integrates seamlessly with tools like Google Calendar and Slack.
Currently, Assembled employs between 101 and 250 people, reflecting its growth and the increasing demand for efficient support operations solutions.
How Much Funding Has Assembled Raised?
Seed Round
- Amount Raised: $3.1M
- Date: March 2020
- Lead Investors: Stripe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the market need for workforce management solutions.
Series A
- Amount Raised: $16.6M
- Date: March 2021
- Lead Investors: Emergence Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development to meet growing customer demand.
Series B
- Amount Raised: $51M
- Date: May 2022
- Lead Investors: New Enterprise Associates
- Valuation at Round: More than 5x increase from the previous year
- Motivation Behind the Round: To accelerate product development, hiring, and scaling the platform for enterprise customers.
Total Amount Raised: $70.7M. Current Valuation: Not publicly disclosed.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm with nearly $24 billion in cumulative committed capital since its founding in 1977. The firm has a track record of over 260 portfolio company IPOs and more than 430 mergers and acquisitions.
- Investment Focus Areas: Technology, healthcare, multiple stages.
- Notable Investments: Robinhood, Coursera, Duolingo.
- Emergence Capital
- Details: Emergence Capital is a venture capital firm that invests in early and growth-stage enterprise software companies. They are known for their focus on companies that drive the future of work.
- Investment Focus Areas: Enterprise software, SaaS, future of work.
- Notable Investments: Salesforce, Zoom, Veeva Systems.
- Stripe
- Details: Stripe is a technology company that builds economic infrastructure for the internet. Businesses of all sizes use Stripe's software to accept payments and manage their businesses online.
- Investment Focus Areas: Fintech, payments, e-commerce.
- Notable Investments: Shopify, Instacart, Deliveroo.
- Basis Set Ventures
- Details: Basis Set Ventures is a venture capital firm that focuses on early-stage investments in artificial intelligence and automation. They aim to support companies that are transforming industries through technology.
- Investment Focus Areas: AI, automation, early-stage technology.
- Notable Investments: Scale AI, Quince, Workstream.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that partners with founders to build enduring companies. They have a long history of investing in companies that have become industry leaders.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, Airbnb.
What's Next for Assembled?
Assembled stands at the cusp of significant growth, driven by the rise of distributed work and the gig economy. With $51 million in Series B funding, the company is poised to accelerate product development, expand hiring, and scale its platform for enterprise customers. Strategic partnerships with leading CX companies like UJET and Five9 further amplify its growth potential.
Future fundraising opportunities seem promising as Assembled's valuation has increased fivefold within a year, attracting more venture capital interest. However, the company must navigate challenges such as managing rapid growth, balancing quality and efficiency in customer support, and keeping up with evolving industry trends and consumer expectations.
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