Total amount raised
$52.2 Millions
Latest funding date
9/1/2023
Location
Linear has successfully raised $35 million in a Series B funding round, attracting investment from 01 Advisors and 31 other investors. The platform is designed to streamline software development, offering tools for project planning, task tracking, and sprint management.
Keep reading to explore the intricacies of Linear's fundraising journey and the investors backing this innovative platform.
What Is Linear?
Linear, founded in 2019 by Karri Saarinen and Tuomas Artman, is headquartered in San Francisco, California. The company emerged from the founders' frustrations with existing software development tools at high-growth companies like Airbnb, Coinbase, and Uber.
Linear provides a platform designed to manage software development and track bugs, focusing on speed and efficiency to enhance productivity. The tool is built to streamline issues, projects, and product roadmaps, offering features for task tracking, sprint planning, and integrations with other tools.
With a team of 101-250 employees, Linear continues to innovate in the realm of modern product development, emphasizing performance to help teams make progress without getting in the way.
How Much Funding Has Linear Raised?
- Seed Round
- Amount Raised: $4.2M
- Date: November 2019
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early demand among test users and the founders' personal networks.
- Series A
- Amount Raised: $13M
- Date: December 2020
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Continued growth and support from existing investors.
- Series B
- Amount Raised: $35M
- Date: September 2023
- Lead Investors: Accel
- Valuation at Round: Approximately $400M
- Motivation Behind the Round: To signal the company's ambitions to potential customers and new hires, and to expand its team and marketing efforts.
Total amount raised: $52.2M. Current valuation: Approximately $400M.
Key Investors
- Accel
- Details: Accel is a leading global venture capital firm that partners with exceptional founders from inception through all phases of private company growth. They have a strong track record of investing in technology companies.
- Investment Focus Areas: Technology, software, internet, consumer companies.
- Notable Investments: Facebook, Dropbox, Slack, Spotify.
- Sequoia Capital
- Details: Sequoia Capital is a prominent venture capital firm that helps daring founders build legendary companies from idea to IPO and beyond. They have been involved in some of the most successful tech companies in history.
- Investment Focus Areas: Technology, healthcare, consumer, financial services.
- Notable Investments: Apple, Google, Oracle, YouTube.
- 01 Advisors
- Details: 01 Advisors is a venture capital firm founded by former Twitter executives. They focus on investing in technology companies and helping them scale.
- Investment Focus Areas: Technology, software companies.
- Notable Investments: Known for investments in companies like Bird and Bolt.
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies. They have a strong presence in both the US and Europe.
- Investment Focus Areas: Technology, software, e-commerce, fintech.
- Notable Investments: Dropbox, Etsy, Skype, Robinhood.
- Founders of Slack
- Details: Stewart Butterfield (CEO) and Cal Henderson (CTO) are the founders of Slack, a leading collaboration software company. They have invested in various tech startups.
- Investment Focus Areas: Technology, software.
- Notable Investments: Their own company, Slack.
What's Next for Linear?
Linear's future looks promising as it aims to expand its operations and development efforts, leveraging the $35 million Series B funding. The company plans to attract more high-profile clients and expand its customer base beyond startups to include larger enterprises. This growth is fueled by the increasing demand for efficient project management tools and the shift towards remote work models.
With a strong financial position and backing from prominent investors, Linear is well-positioned for future fundraising opportunities. However, the company must navigate challenges such as maintaining simplicity while scaling and integrating new features without disrupting existing services. The competitive landscape and the need to retain customer satisfaction will be critical as Linear continues to evolve.
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