This post is by Romain Dillet from Fundings & Exits – TechCrunch
Algolia has raised a $150 million Series D funding round at a post-money valuation of $2.25 billion. Compared to the Series C round from October 2019, the company’s valuation has more than quadrupled. It means that Algolia is now a unicorn with a valuation above $1 billion.
The company is best known for its search-as-a-service product. It lets you integrate real-time search in your app or website using a developer-friendly API. Using an Algolia-powered search feature feels like using Spotlight on a Mac. Results load with each keystroke and appear in just a few milliseconds.
The company now has over 10,000 customers, including some big names, such as Slack, Stripe, Medium, Zendesk and Lacoste. Right now, the company handles over 1.5 trillion search queries per year — that’s a 1,500,000,000,000 if you want to see all the zeros.
Lone Pine Capital is leading today’s funding round. Fidelity Management & Research Company LLC, STEADFAST Capital Ventures, Glynn Capital and Twilio also participated in the round. But that’s not all, some existing investors also put more money on the table, such as Accel, Salesforce Ventures, DAG, Owl Rock and World Innovation Lab.
While the company doesn’t share revenue numbers directly, Algolia says that its annual recurring revenue has increased by 180% year over year.
“The future is API-first – a reality underscored by the growth seen by Twilio, Stripe, Algolia and others in the API economy. A huge part of our success has, and will continue to be, our relentless focus (Read more...)