Total amount raised
$92 Millions
Latest funding date
12/1/2021
Location
Forethought has successfully raised over $90 million across multiple funding rounds, including a $9 million Series A and a $65 million Series C.
With backing from 42 investors, including notable names like Gwyneth Paltrow and Jason Boehmig, Forethought is making significant strides in the AI-driven customer support automation space.
What Is Forethought?
Forethought, founded in September 2017, is based in San Francisco, California. The company was established by Colm Doyle, Deon Nicholas, Gianina Skarlett, and Sami Ghoche.
Specializing in AI-driven customer support solutions, Forethought aims to streamline customer service processes through advanced AI technologies. Their platform includes tools for solving inquiries, triaging tickets, assisting agents, and discovering insights.
With a team of 101-250 employees, Forethought continues to innovate in the customer support automation space, enhancing efficiency and productivity for businesses worldwide.
How Much Funding Has Forethought Raised?
- Seed Round
- Amount Raised: $1M
- Date: February 2018
- Lead Investors: K9 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their AI-driven customer support platform.
- Series A
- Amount Raised: $9M
- Date: December 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $17M
- Date: October 2020
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI capabilities.
- Series C
- Amount Raised: $65M
- Date: December 2021
- Lead Investors: Steadfast Financial
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand research, product development, and marketing efforts.
Total Amount Raised: $92M. Current Valuation: Not publicly disclosed.
Key Investors
- Steadfast Financial
- Details: Steadfast Financial is a venture capital firm that led Forethought's Series C funding round. Karan Mehandru, Managing Director at Steadfast, joined Forethought’s Board of Directors.
- Investment Focus Areas: Technology, high-growth companies, innovative solutions.
- Notable Investments: Not publicly disclosed.
- New Enterprise Associates (NEA)
- Details: NEA is one of the world's largest venture capital firms, with a broad investment portfolio. They have been a consistent investor in Forethought, participating in multiple funding rounds.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Coursera, Duolingo, Robinhood.
- Sound Ventures
- Details: Co-founded by Ashton Kutcher and Guy Oseary, Sound Ventures focuses on technology and media investments. They have been involved with Forethought since the early stages.
- Investment Focus Areas: Technology, media, consumer products.
- Notable Investments: Airbnb, Uber, Spotify.
- K9 Ventures
- Details: K9 Ventures is an early-stage venture capital firm that focuses on technology startups. They led Forethought's seed round.
- Investment Focus Areas: Early-stage technology, software, internet.
- Notable Investments: Lyft, Twilio.
- Collaborative Fund
- Details: Collaborative Fund is a venture capital firm that invests in companies pushing the world forward. They joined as new investors in Forethought's Series C round.
- Investment Focus Areas: Technology, sustainability, social impact.
- Notable Investments: Lyft, Kickstarter, Reddit.
What's Next for Forethought?
Forethought stands at the cusp of a significant opportunity to revolutionize customer service through AI. With $65 million raised in Series C funding, the company is poised to expand its research, product development, and marketing efforts. The market for AI-driven customer service solutions is vast, driven by the increasing shift to digital channels and the need for better support technology.
Future fundraising opportunities seem promising, given the strong backing from high-profile investors and the potential for further rounds. However, Forethought will need to navigate challenges such as competition from other AI providers and maintaining the scalability and reliability of their platform. The company's ability to stay ahead of technological advancements will be crucial for sustained growth.
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