Funding round
Chainguard Series B
Chainguard, which works in open source software distribution in Kirkland, raised $61M in a Series B round announced on 1 Nov 2023, led by Spark Capital. 5 firms took part, 5 of them already investors. It is Chainguard's third venture round on record; the one before was a Series A in Jun 2022.
$61M
Amount raised
Not disclosed
Post-money valuation
5
Investors
1 lead
Valuation
What this round says about the price
Chainguard did not disclose a valuation in this round. It came 17 months after Chainguard's Series A. It is 6.8% of the $892M Chainguard has raised in the venture rounds on record. Chainguard raised again 8 months later: a Series C round of $140M in Jul 2024, at $1.12B post-money.
Chainguard's funding rounds
Chainguard has 6 venture rounds on record. This one is highlighted.
- Seed 8 Dec 2021, led by Amplify Partners $5.0M
- Series A 2 Jun 2022, led by Sequoia Capital $50M
- Series B this round 1 Nov 2023, led by Spark Capital $61M
- Series C 25 Jul 2024, led by Redpoint Ventures, Lightspeed Venture Partners and Institutional Venture Partners $140M$1.12B post-money
- Series D 23 Apr 2025, led by Kleiner Perkins and Institutional Venture Partners $356M$3.50B post-money
- Growth 23 Oct 2025, led by General Catalyst $280M
Investors
Who put money in
Spark Capital led the round with 4 other firms. Spark Capital, Sequoia Capital, Amplify Partners and Mantis VC and 1 more had backed Chainguard before.
Lead investor
- Spark Capital backs 234 venture-backed companies existing investor
Also in the round
- Sequoia Capital backs 589 venture-backed companies existing investor
- Amplify Partners existing investor
- backs 63 venture-backed companies existing investor
- backs 25 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
550 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $26M, and this round was 2.3 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 6 Nov 2023 | $500M | not disclosed | Robert Bosch Venture Capital and Schwarz Group |
| Oxford Quantum Circuits Tech Companies | 27 Nov 2023 | $100M | not disclosed | SBI Investment |
| Tech Companies | 29 Nov 2023 | $91M | not disclosed | Scottish Equity Partners and Bpifrance |
| Tech Companies | 29 Nov 2023 | $45M | not disclosed | not named |
| Tech Companies | 8 Nov 2023 | $40M | not disclosed | Menlo Ventures |
| Tech Companies | 7 Nov 2023 | $35M | not disclosed | Vintage Investment Partners |
| Tech Companies | 1 Nov 2023 | $34M | not disclosed | Felicis |
| Tech Companies | 29 Nov 2023 | $32M | not disclosed | WestBridge Capital and StepStone Group |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Chainguard raise in its Series B round?
Chainguard raised $61M in its Series B round, announced in Nov 2023.
Who led Chainguard's Series B round?
Spark Capital led it, with Sequoia Capital, Amplify Partners, Mantis VC and Banana Capital.
What was Chainguard's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
550 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $26M, and this round was 2.3 times the median.
Did Chainguard raise again after this round?
Yes: a Series C round in Jul 2024 of $140M at $1.12B post-money.