Total amount raised
$85.5 Millions
Latest funding date
2/1/2022
Location
Radar has successfully raised significant funding across multiple rounds, attracting notable investors such as Accel and Heavybit. The platform specializes in geolocation services, offering advanced geofencing, trip tracking, and fraud detection capabilities.
Keep reading to explore the intricacies of Radar's fundraising journey and the investors backing this innovative platform.
What Is Radar?
Founded in May 2016, Radar is a location data infrastructure platform based in Brooklyn, New York. The company was established by Coby Berman and Nick Patrick.
Radar specializes in providing geolocation services, including geofencing, trip tracking, and fraud detection. Their platform is designed to help growth and product teams build location-aware app experiences.
With a team of 51-100 employees, Radar continues to innovate in the field of location-based services, serving various industries such as retail, restaurants, payments, travel, logistics, and gaming.
How Much Funding Has Radar Raised?
- Seed Round
- Amount Raised: $500K
- Date: June 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Radar's geolocation platform.
- Seed Round
- Amount Raised: $2M
- Date: October 2017
- Lead Investors: Accel
- 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: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and scale operations.
- Series A
- Amount Raised: $8M
- Date: April 2019
- Lead Investors: Two Sigma Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and expand market reach.
- Series B
- Amount Raised: $20M
- Date: February 2020
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's capabilities and prepare for increased demand for location data services.
- Series C
- Amount Raised: $55M
- Date: February 2022
- Lead Investors: Insight Partners
- Valuation at Round: $365M
- Motivation Behind the Round: To build out new products, hire more engineers, and support the company's growth.
Total Amount Raised: $85.5M. Current Valuation: $365M.
Key Investors
- Insight Partners
- Details: Insight Partners is a leading global venture capital and private equity firm. They focus on high-growth technology and software companies.
- Investment Focus Areas: Software, internet, data services.
- Notable Investments: Twitter, Shopify, DocuSign.
- Accel
- Details: Accel is a venture capital firm that invests in early and growth-stage technology companies. They have a strong track record of backing successful startups.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Facebook, Dropbox, Slack.
- Two Sigma Ventures
- Details: Two Sigma Ventures invests in technology-driven companies, particularly those leveraging data science and AI. They are part of the larger Two Sigma Investments.
- Investment Focus Areas: Data science, AI, technology.
- Notable Investments: Zocdoc, Ginkgo Bioworks, SoFi.
- Heavybit
- Details: Heavybit focuses on developer and enterprise software companies. They provide resources and support to help startups scale.
- Investment Focus Areas: Developer tools, enterprise software, infrastructure.
- Notable Investments: Stripe, PagerDuty, LaunchDarkly.
What's Next for Radar?
Radar is poised to capitalize on the growing demand for location-based services, driven by the rise of contactless delivery, in-store ordering, and logistics. With a valuation of $365 million and a robust platform processing over 100 billion API requests annually, the company is well-positioned to expand into new verticals like retail, travel, and hospitality.
Future fundraising opportunities seem promising as investors recognize the increasing importance of location data. However, Radar will need to navigate privacy regulations and maintain user trust while scaling its operations. The company’s commitment to privacy and security will be crucial in overcoming these challenges and sustaining growth.
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