OneSignal has successfully raised $84.5 million over five funding rounds, with its latest Series C round completed in September 2022. The company offers a comprehensive customer engagement platform that includes push notifications, email, SMS, and in-app messaging.
Keep reading to explore the intricacies of OneSignal's fundraising journey and the investors backing this dynamic platform.
What Is OneSignal?
OneSignal, founded by Long Vo and George Deglin, is a leading customer engagement platform. Established in 2014, the company is headquartered in New York City with additional locations in Singapore and Texas.
OneSignal offers a comprehensive suite of messaging services, including push notifications, email, SMS, and in-app messaging. Their platform supports over one million businesses, delivering more than 10 billion messages daily.
With a team of 51-200 employees, OneSignal is dedicated to helping businesses maximize engagement and minimize churn through its robust and developer-friendly solutions.
How Much Funding Has OneSignal Raised?
- First Seed Round
- Amount Raised: $170,000
- Date: Summer 2011
- Lead Investors: Y Combinator, SV Angel, Start Fund
- Motivation Behind the Round: Initial funding to develop the platform.
- Second Seed Round
- Amount Raised: $2 million
- Date: April 20, 2015
- Lead Investors: Rakuten Ventures, Y Combinator, Angel investors including Justin Kan and Zack Coelius
- Motivation Behind the Round: To hire developers, acquire more users, and launch web push notifications.
- Series A Round
- Amount Raised: $7 million
- Date: August 15, 2017
- Lead Investors: SignalFire
- Motivation Behind the Round: To expand OneSignal's capabilities, including adding support for other messaging channels and integrating with Alexa notifications.
- Series B Round
- Amount Raised: $25 million
- Date: August 5, 2019
- Motivation Behind the Round: To increase feature development, boost omnichannel capabilities, expand teams and partner integrations, and continue investing in the market-leading solution.
- Series C Round
- Amount Raised: $50 million
- Date: September 1, 2022
- Lead Investors: BAM Elevate
- Motivation Behind the Round: Investments in machine learning, geographic expansion, and team growth.
Total Amount Raised: $84.17 million. Current Valuation: $500 million (~estimated).
Key Investors
- Y Combinator
- Details: Y Combinator is a startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has been instrumental in the growth of numerous successful companies.
- Investment Focus Areas: Software, hardware, healthcare, biotech.
- Notable Investments: Airbnb, Dropbox, Stripe.
- BAM Elevate
- Details: BAM Elevate is a venture capital firm that led OneSignal's Series C funding round. Jamie McGurk from BAM Elevate joined OneSignal's board of directors.
- Investment Focus Areas: Technology, customer engagement platforms.
- Notable Investments: Information not explicitly mentioned.
- SignalFire
- Details: SignalFire is a venture capital firm co-founded by Ilya Kirnos, who also joined OneSignal's board of directors. The firm focuses on companies with significant traction and passionate customers.
- Investment Focus Areas: Technology, customer engagement solutions.
- Notable Investments: Information not explicitly mentioned.
- Rakuten Ventures
- Details: Rakuten Ventures is a venture capital firm that invests in early to growth-stage companies. It has been a consistent investor in OneSignal's funding rounds.
- Investment Focus Areas: Technology startups.
- Notable Investments: Carousell, ViSenze, SendAnywhere.
- Justin Kan
- Details: Justin Kan is an angel investor and co-founder of Twitch. He has a keen interest in technology startups, especially in the gaming and streaming sectors.
- Investment Focus Areas: Technology, gaming, streaming.
- Notable Investments: Cruise, Atrium, ZeroCater.
What's Next for OneSignal?
OneSignal is poised to capitalize on the growing shift from paid advertising to owned channels like push notifications, emails, and in-app messages. With investments in machine learning and geographic expansion, the company aims to enhance its platform's capabilities and tap into new markets. The potential is vast, given the increasing demand for personalized, timely communication across multiple touchpoints.
Future fundraising opportunities seem promising, especially considering the company's rapid growth and successful Series C round. However, challenges such as competition from other messaging platforms and adapting to regulatory changes could pose hurdles. Maintaining scalability and innovation will be crucial as OneSignal navigates these complexities.
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