Funding round
Cohere Series C
Cohere, which works in enterprise AI platform development in Toronto, raised $270M in a Series C round announced on 8 Jun 2023, led by Inovia, at a $2.20B post-money valuation. 10 firms took part. It is Cohere's third venture round on record; the one before was a Series B in Feb 2022.
$270M
Amount raised
$2.20B
Post-money valuation
$1.93B pre-money
10
Investors
1 lead
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Cohere at $2.20B after the new money. The $270M bought investors about 12% of the company. It came 16 months after Cohere's Series B. It is 26% of the $1.03B Cohere has raised in the venture rounds on record. Cohere raised again 13 months later: a Series D round of $500M in Jul 2024, at $5.50B post-money.
Cohere's funding rounds
Cohere has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 7 Sep 2021, led by Index Ventures $40M
- Series B 15 Feb 2022, led by Tiger Global $125M
- Series C this round 8 Jun 2023, led by Inovia $270M$2.20B post-money
- Series D 22 Jul 2024, led by PSP Investments $500M$5.50B post-money
- Grant not a venture round 1 Dec 2024 $171M
- Growth 24 Sep 2025, led by Radical Ventures and Inovia $100M$7.00B post-money
Investors
Who put money in
Inovia led the round with 9 other firms.
Lead investor
- Inovia backs 120 venture-backed companies new investor
Also in the round
- Nvidia new investor
- Oracle new investor
- Salesforce Ventures backs 314 venture-backed companies new investor
- backs 38 venture-backed companies new investor
- Mirae Asset Venture Investments backs 37 venture-backed companies new investor
- backs 27 venture-backed companies new investor
- SentinelOne new investor
- backs 43 venture-backed companies new investor
- Index Ventures backs 353 venture-backed companies new 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
234 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $45M, and this round was 6.0 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Runway Tech Companies | 29 Jun 2023 | $141M | $1.50B | GV |
| Tech Companies | 29 Jun 2023 | $141M | $1.50B | not named |
| Tech Companies | 15 Jun 2023 | $109M | $353M | not named |
| Tech Companies | 27 Jun 2023 | $100M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 8 Jun 2023 | $88M | not disclosed | ICONIQ Growth |
| Tech Companies | 21 Jun 2023 | $75M | not disclosed | ICONIQ Growth |
| Tech Companies | 12 Jun 2023 | $67M | not disclosed | Koch Disruptive Technologies and Zimmer Partners |
| Cart.com Tech Companies | 27 Jun 2023 | $60M | $1.20B | B. Riley Venture Capital |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Cohere raise in its Series C round?
Cohere raised $270M in its Series C round, announced in Jun 2023.
Who led Cohere's Series C round?
Inovia led it, with Nvidia, Oracle, Salesforce Ventures, Digital Transformation Capital Partners and Mirae Asset Venture Investments and 4 more.
What was Cohere's valuation at the Series C round?
$2.20B post-money ($1.93B pre-money).
How does it compare with other Series C rounds in Tech Companies?
234 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $45M, and this round was 6.0 times the median.
Did Cohere raise again after this round?
Yes: a Series D round in Jul 2024 of $500M at $5.50B post-money.