Total amount raised
$170.7 Millions
Latest funding date
March, 2021
Location
Sendbird has successfully raised significant funding over multiple rounds, achieving unicorn status with a valuation exceeding $1 billion. The platform specializes in providing enterprise-grade AI customer service solutions, offering omnichannel support and continuous engagement.
Keep reading to explore the intricacies of Sendbird's fundraising journey and the investors backing this innovative platform.
What Is Sendbird?
Founded on February 3, 2013, Sendbird is headquartered in San Mateo, California. The company was established by Brandon Y Jeon, Forest Lee, Harry Kim, and John S. Kim.
Sendbird specializes in providing AI-driven customer service solutions, offering an enterprise-grade AI agent platform that integrates with existing support software to deliver omnichannel customer support. Their platform supports various channels, including mobile, web, social media, SMS, and email.
With a workforce of 251-500 employees, Sendbird is trusted by over 4,000 leading apps and powers over 7 billion conversations every month.
How Much Funding Has Sendbird Raised?
- Seed Round
- Amount Raised: $120K
- Date: March 2016
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their omnichannel AI agent platform.
- Seed Round
- Amount Raised: $2.6M
- Date: June 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their initial product offerings and scale operations.
- Series A
- Amount Raised: $16M
- Date: December 2017
- Lead Investors: August Capital, Shasta Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their platform and support growing customer demand.
- Series B
- Amount Raised: $102M
- Date: February 2019
- Lead Investors: ICONIQ Growth, Tiger Global Management
- Valuation at Round: $550M
- Motivation Behind the Round: To scale the business and expand their customer base.
- Series C
- Amount Raised: $100M
- Date: April 2021
- Lead Investors: Steadfast Financial
- Valuation at Round: $1.05B
- Motivation Behind the Round: To accelerate R&D efforts and hire across global hubs.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand their market presence and product capabilities.
Total Amount Raised: $220.72M
Current Valuation: $1.05B
Key Investors
- Steadfast Financial
- Details: Steadfast Financial is a venture capital firm that led Sendbird's Series C funding round. They focus on investing in high-growth technology companies.
- Investment Focus Areas: Technology, Communication Solutions, High-Growth Startups
- Notable Investments: Specific notable investments are not publicly disclosed.
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that invests in technology and growth-stage companies. They have been a consistent backer of Sendbird.
- Investment Focus Areas: Technology, Growth-Stage Companies, Enterprise Software
- Notable Investments: Snowflake, Datadog, Airbnb
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on technology, internet, and consumer sectors. They participated in multiple funding rounds for Sendbird.
- Investment Focus Areas: Technology, Internet, Consumer Sectors
- Notable Investments: Facebook, LinkedIn, Spotify
- SoftBank Vision Fund 2
- Details: SoftBank Vision Fund 2 is a venture capital fund that invests in technology-driven companies. They participated in Sendbird's Series C funding round.
- Investment Focus Areas: Technology, AI, Robotics
- Notable Investments: Uber, WeWork, ByteDance
- August Capital
- Details: August Capital is a venture capital firm that invests in early-stage technology companies. They led Sendbird's Series A funding round.
- Investment Focus Areas: Enterprise Software, Consumer Internet, IT Infrastructure
- Notable Investments: Splunk, Aardvark, Seagate
What's Next for Sendbird?
Sendbird stands at the cusp of significant growth opportunities, driven by the booming API economy and the increasing demand for in-app communication features. With the digital transformation accelerating, businesses are keen to integrate chat, voice, and video functionalities into their apps, presenting a vast market for Sendbird to tap into. The company’s recent $100 million Series C funding round underscores its potential to expand its product offerings and enter new verticals like healthcare and fintech.
Future fundraising seems promising, given the strong investor interest and the oversubscribed funding rounds. This financial backing will enable Sendbird to enhance its platform and scale operations globally. However, the company faces challenges such as intense competition from other API-based communication solutions and the need to continuously innovate to stay ahead. Navigating these hurdles will be crucial for Sendbird as it aims to maintain its growth trajectory and market leadership.
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