Dragoneer, Tiger Global-led funding values Productboard at $1.73bn

Feb 3, 2022 | News

Dragoneer Investment Group and Tiger Global led a $125 million late-stage funding round in Productboard, valuing the product management software maker at $1.73 billion.

Founded in 2014, San Francisco-based Productboard has raised $262 million so far, as the pandemic-triggered shift to hybrid work ramps up investor interest in companies offering remote productivity services.

It plans to use the fresh capital to hire staff and expand products for its enterprise customers, the company said in a statement on Wednesday.

Productboard’s clients include Microsoft Corp, Zoom Video Communications Inc and Salesforce.com Inc. It counts Sequoia Capital, Index Ventures, Bessemer Venture Partners and Kleiner Perkins among its prominent backers.

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In 2020, Tiger Global earned its investors $10.4bn, more than any other hedge fund on the annual list of the top 20 managers compiled by London fund-of-funds firm LCH Investments.

Dragoneer Investment Group is a growth-oriented investment firm with over $21bn in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. The firm has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models.

The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.

Source: Reuters

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