Total amount raised
$523.6 Millions
Latest funding date
10/1/2023
Location
PagerDuty has successfully raised significant capital through multiple funding rounds, attracting a diverse group of investors. The platform is designed to automate critical work and enhance operational efficiency using AI-driven solutions.
Keep reading to explore the intricacies of PagerDuty's fundraising journey and the investors backing this innovative platform.
What Is PagerDuty?
Founded in 2009, PagerDuty is an AI-first operations platform that empowers teams to automate critical work and orchestrate rapid issue resolution. The company is headquartered in San Francisco, California, and operates globally.
PagerDuty was founded by Alex Solomon, Andrew Miklas, and Baskar Puvanathasan. The platform offers solutions for incident management, AI operations, automation, and customer service operations, helping organizations reduce downtime and improve productivity.
With a workforce of over 700 employees, PagerDuty continues to innovate and provide essential tools for modern digital operations, ensuring seamless and efficient workflows for its clients.
How Much Funding Has PagerDuty Raised?
- Seed Round
- Amount Raised: $1.9M
- Date: September 2010
- Lead Investors: Harrison Metal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the market need.
- Series A
- Amount Raised: $10.7M
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early growth and customer acquisition.
- Series B
- Amount Raised: $27.2M
- Date: July 2014
- Lead Investors: Andreessen Horowitz, Baseline Ventures, Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series C
- Amount Raised: $43.8M
- Date: April 2017
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in product innovation and expand market reach.
- Series D
- Amount Raised: $90M
- Date: September 2018
- Lead Investors: T. Rowe Price, Wellington Management
- Valuation at Round: $1.3B
- Motivation Behind the Round: To invest in AI and machine learning, and scale operations globally.
- Post-IPO Debt
- Amount Raised: $350M
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial flexibility and support strategic initiatives.
Total Amount Raised: $523.6M. Current Valuation: $1.3B.
Key Investors
- T. Rowe Price Associates
- Details: T. Rowe Price is a global investment management firm known for its disciplined approach to investing. The firm manages a broad range of investment strategies, including equities, fixed income, and multi-asset investments.
- Investment Focus Areas: Equities, fixed income, multi-asset investments.
- Notable Investments: Amazon, Google, Facebook, Tesla.
- Wellington Management
- Details: Wellington Management is a private, independent investment management company offering a wide range of investment solutions. The firm manages assets for institutions and private investors worldwide.
- Investment Focus Areas: Public equity, fixed income, multi-asset, alternative investments.
- Notable Investments: Alibaba, Airbnb, Uber.
- Accel
- Details: Accel is a venture capital firm that invests in early-stage and growth-stage technology companies. The firm has a strong track record of backing successful startups.
- Investment Focus Areas: Early-stage and growth-stage technology companies.
- Notable Investments: Facebook, Dropbox, Slack.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a venture capital firm that invests in technology companies at various stages. The firm is known for its deep expertise in the tech sector.
- Investment Focus Areas: Technology companies at various stages.
- Notable Investments: Airbnb, Lyft, GitHub.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage and growth-stage companies. The firm has a diverse portfolio across various sectors.
- Investment Focus Areas: Early-stage and growth-stage companies across technology, healthcare, financial services.
- Notable Investments: LinkedIn, Shopify, Twilio.
What's Next for PagerDuty?
PagerDuty stands at the cusp of significant growth, driven by its investment in AI and machine learning. The company aims to scale its global operations and enhance its service offerings, positioning itself as a leader in digital operations management. With a valuation of $1.3 billion and a customer base of over 10,500 enterprises, the opportunities are vast.
Future fundraising could include an IPO, leveraging the strong backing from investors like T. Rowe Price and Wellington Management. However, challenges such as managing global expansion and staying competitive in a crowded market remain. Effective integration of new technologies will be crucial for sustained success.
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