Total amount raised
$354.6 Millions
Latest funding date
9/1/2024
Location
Coveo has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The company specializes in AI-powered search and generative experiences, offering advanced solutions for various sectors.
Keep reading to explore the intricacies of Coveo's fundraising journey and the investors backing this innovative platform.
What Is Coveo?
Coveo, founded in 2005, is based in Quebec, Canada. The company specializes in AI-powered search and generative experiences, offering advanced solutions for search, personalization, and recommendations.
Founded by Laurent Simoneau, Marc Sanfacon, and Richard Tessier, Coveo has grown significantly over the years. The platform connects and unifies information from various sources, providing relevant insights to both customers and employees.
With a workforce of 501-1000 employees, Coveo continues to innovate in the field of AI, helping businesses maximize performance through intelligent search and predictive insights.
How Much Funding Has Coveo Raised?
- Series A
- Amount Raised: $6M
- Date: October 2006
- Lead Investors: Louis Tetu
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their AI-powered search platform.
- Series B
- Amount Raised: $8.2M
- Date: December 2009
- Lead Investors: BDC Venture Capital, Louis Tetu
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance product capabilities.
- Series C
- Amount Raised: $18M
- Date: December 2012
- Lead Investors: Fonds de solidarité FTQ, Tandem Expansion
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and invest in R&D.
- Series D
- Amount Raised: $35M
- Date: November 2015
- Lead Investors: Investissement Quebec
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Private Equity Round
- Amount Raised: $100M
- Date: April 2018
- Lead Investors: Evergreen Coast Capital
- Valuation at Round: Approximately $370M
- Motivation Behind the Round: To support growth and expansion.
- Private Equity Round
- Amount Raised: CA$227M (US$172M)
- Date: November 2019
- Lead Investors: OMERS Growth Equity
- Valuation at Round: $1.1B
- Motivation Behind the Round: To invest in AI and commerce, and for acquisitions.
- Grant
- Amount Raised: $15.2M
- Date: September 2024
- Lead Investors: Innovation, Science and Economic Development Canada
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support innovation and development in AI technologies.
Total Amount Raised: $354.4M USD. Current Valuation: $1.1B USD.
Key Investors
- Innovation, Science and Economic Development Canada
- Details: A Canadian government department responsible for fostering a growing, competitive, and knowledge-based Canadian economy.
- Investment Focus Areas: Innovation, economic development, scientific research.
- Notable Investments: Various grants and funding programs for Canadian businesses and research institutions.
- OMERS Growth Equity
- Details: A private equity firm that is part of the Ontario Municipal Employees Retirement System (OMERS).
- Investment Focus Areas: High-growth companies in technology, healthcare, financial services.
- Notable Investments: Coveo, TouchBistro, PointClickCare.
- Evergreen Coast Capital
- Details: A private equity firm that is a subsidiary of Elliott Management Corporation.
- Investment Focus Areas: Technology, software, enterprise solutions.
- Notable Investments: Citrix Systems, Athenahealth, Travelport.
- Investissement Quebec
- Details: A government agency that provides financial support to businesses in Quebec.
- Investment Focus Areas: Economic development, innovation, business growth in Quebec.
- Notable Investments: Coveo, Lightspeed, Element AI.
- Fonds de solidarité FTQ
- Details: A development capital fund that invests in Quebec-based companies.
- Investment Focus Areas: Economic development, job creation, business growth in Quebec.
- Notable Investments: Coveo, LeddarTech, Lion Electric.
What's Next for Coveo?
As Coveo continues to expand its AI solutions, the opportunities are vast. The company is poised to capitalize on the growing demand for AI-powered search and personalization, particularly in sectors like e-commerce, healthcare, and financial services. With a recent $227 million investment, Coveo is well-positioned to enhance its product offerings and scale its operations, potentially tapping into a market valued at $100 billion annually.
Future fundraising seems likely as Coveo aims to maintain its growth trajectory. The company’s strong track record of attracting investment suggests that additional rounds could support further innovation and market expansion. However, challenges such as navigating data privacy regulations and competing with major players like Google and Microsoft remain. Ensuring data security and staying ahead in a rapidly evolving tech landscape will be crucial for Coveo’s sustained success.
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