Funding round
Adept Series B
Adept, which works in enterprise workflow automation solutions in San Francisco, raised $350M in a Series B round announced on 14 Mar 2023, led by General Catalyst and Spark Capital, at a $1.00B post-money valuation. 7 firms took part. It is Adept's second venture round on record; the one before was a Series A in Apr 2022.
$350M
Amount raised
$1.00B
Post-money valuation
$650M pre-money
7
Investors
2 leads
35%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Adept at $1.00B after the new money. The $350M bought investors about 35% of the company. It came 11 months after Adept's Series A. It is 84% of the $415M Adept has raised in the venture rounds on record. No later venture round is on record for Adept.
Adept's funding rounds
Adept has 2 venture rounds on record. This one is highlighted.
- Series A 1 Apr 2022 $65M
- Series B this round 14 Mar 2023, led by General Catalyst and Spark Capital $350M$1.00B post-money
Investors
Who put money in
General Catalyst and Spark Capital led the round with 5 other firms.
Lead investors
- General Catalyst backs 574 venture-backed companies new investor
- Spark Capital backs 234 venture-backed companies new investor
Also in the round
- Microsoft new investor
- Nvidia new investor
- Atlassian new investor
- Workday new investor
- Greylock Partners backs 190 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
676 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $27M, and this round was 13 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 28 Mar 2023 | $62M | not disclosed | Two Bear Capital |
| Tech Companies | 7 Mar 2023 | $43M | not disclosed | FinTLV Ventures and Harel Insurance |
| Tech Companies | 8 Mar 2023 | $40M | not disclosed | ParaFi Capital |
| Tech Companies | 14 Mar 2023 | $32M | not disclosed | A.P. Moller Holding |
| Tech Companies | 7 Mar 2023 | $25M | not disclosed | Energize Capital |
| Tech Companies | 20 Mar 2023 | $25M | not disclosed | Centana Growth Partners |
| Tech Companies | 23 Mar 2023 | $25M | not disclosed | Transformation Capital |
| Tech Companies | 23 Mar 2023 | $24M | not disclosed | Jump Capital |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Adept raise in its Series B round?
Adept raised $350M in its Series B round, announced in Mar 2023.
Who led Adept's Series B round?
General Catalyst and Spark Capital led it, with Microsoft, Nvidia, Atlassian, Workday and Greylock Partners.
What was Adept's valuation at the Series B round?
$1.00B post-money ($650M pre-money).
How does it compare with other Series B rounds in Tech Companies?
676 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $27M, and this round was 13 times the median.