Funding round
Baseten Series B
Baseten, which works in AI inference platform deployment in San Francisco, raised $40M in a Series B round announced on 4 Mar 2024, led by Institutional Venture Partners and Spark Capital, at a $200M post-money valuation. 47 firms took part, 2 of them already investors. It is Baseten's second venture round on record; the one before was a Seed in Apr 2022.
$40M
Amount raised
$200M
Post-money valuation
$160M pre-money
47
Investors
2 leads
20%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Baseten at $200M after the new money. The $40M bought investors about 20% of the company. It came 23 months after Baseten's Seed. It is 2.0% of the $2.00B Baseten has raised in the venture rounds on record. Baseten raised again 18 months later: a Series D round of $150M in Sep 2025, at $2.15B post-money.
Baseten's funding rounds
Baseten has 5 venture rounds on record. This one is highlighted.
- Seed 26 Apr 2022, led by Greylock Partners and South Park Commons $8.0M
- Series B this round 4 Mar 2024, led by Institutional Venture Partners and Spark Capital $40M$200M post-money
- Series D 5 Sep 2025, led by BOND $150M$2.15B post-money
- Series E 23 Jan 2026, led by Institutional Venture Partners and CapitalG $300M$5.00B post-money
- Series F 22 Jun 2026, led by Altimeter, Conviction and Spark Capital $1.50B$13.00B post-money
Investors
Who put money in
Institutional Venture Partners and Spark Capital led the round with 45 other firms. Institutional Venture Partners and Spark Capital had backed Baseten before.
Lead investors
- Institutional Venture Partners backs 109 venture-backed companies existing investor
- Spark Capital backs 234 venture-backed companies existing investor
Also in the round
- Greylock Partners backs 190 venture-backed companies new investor
- backs 60 venture-backed companies new investor
- Base Case new investor
- backs 44 venture-backed companies new investor
- 01A backs 53 venture-backed companies new investor
- 9Yards Capital new investor
- backs 97 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
- BOND backs 91 venture-backed companies new investor
- C2 Investment new investor
- Factorial new investor
- backs 141 venture-backed companies new investor
- Hoxton Ventures backs 50 venture-backed companies new investor
- backs 15 venture-backed companies new investor
- LGF new investor
- backs 227 venture-backed companies new investor
- backs 35 venture-backed companies new investor
- backs 146 venture-backed companies new investor
- Plaid new investor
- backs 18 venture-backed companies new investor
- Sequoia Capital backs 589 venture-backed companies new investor
- backs 13 venture-backed companies new investor
- backs 26 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- backs 110 venture-backed companies new investor
- backs 32 venture-backed companies new investor
- Allison Pickens (Allison Pickens Ventures) new investor
- New Enterprise Associates backs 286 venture-backed companies new investor
- Lachy Groom new investor
- GV backs 428 venture-backed companies new investor
- Akshay Kothari new investor
- Charles Zedlewski new investor
- Cristina Cordova new investor
- DJ Patil new investor
- Dylan Field new investor
- Evan Cheng new investor
- George Burke new investor
- Greg Brockman new investor
- Neha Narkhede new investor
- Peter Reinhardt new investor
- RON Pragides new investor
- backs 8 venture-backed companies new investor
- Khosla Ventures backs 396 venture-backed companies new investor
- William Hockey new investor
- Zachary Sims new investor
Joined the board: Will Reed (Spark Capital).
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
45 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $30M, and this round was 1.3 times the median. The closest in time, other companies' Series B rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 2 Apr 2024 | $40M | $100M | March Capital |
| Software Development Services | 10 Apr 2024 | $29M | not disclosed | Nordstjernan Growth |
| Software Development Services | 30 Apr 2024 | $17M | not disclosed | LFX Ventures |
| Software Development Services | 13 May 2024 | $32M | not disclosed | Nordstar and Bank of Georgia |
| Peregrine Software Development Services | 1 May 2024 | $30M | not disclosed | Friends & Family Capital and Fifth Down Capital |
| Software Development Services | 25 Jan 2024 | $4.9M | not disclosed | not named |
| Software Development Services | 3 Jan 2024 | $4.2M | not disclosed | Translink Investment and Korea Growth Investment |
| Software Development Services | 2 May 2024 | undisclosed | not disclosed | Openspace Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Baseten raise in its Series B round?
Baseten raised $40M in its Series B round, announced in Mar 2024.
Who led Baseten's Series B round?
Institutional Venture Partners and Spark Capital led it, with Greylock Partners, South Park Commons, Base Case, Conviction and 01A and 40 more.
What was Baseten's valuation at the Series B round?
$200M post-money ($160M pre-money).
How does it compare with other Series B rounds in Software Development Services?
45 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $30M, and this round was 1.3 times the median.
Did Baseten raise again after this round?
Yes: a Series D round in Sep 2025 of $150M at $2.15B post-money.