Funding round
Decagon Series D
Decagon, which works in conversational AI platform development in San Francisco, raised $250M in a Series D round announced on 27 Jan 2026, led by Coatue and Index Ventures, at a $4.50B post-money valuation. 14 firms took part, 9 of them already investors. It is Decagon's fourth venture round on record; the one before was a Series C in Jun 2025.
$250M
Amount raised
$4.50B
Post-money valuation
$4.25B pre-money
14
Investors
2 leads
3.0x
Step-up from the Series C
$1.50B in Jun 2025
5.6%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Decagon at $4.50B after the new money, 3.0 times the $1.50B of its Series C (Jun 2025). The $250M bought investors about 5.6% of the company. It came 7 months after Decagon's Series C. It is 53% of the $476M Decagon has raised in the venture rounds on record. No later venture round is on record for Decagon.
Decagon's funding rounds
Decagon has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Coatue and Index Ventures led the round with 12 other firms. Andreessen Horowitz, A*, Accel and Avra and 5 more had backed Decagon before.
Lead investors
- Coatue backs 229 venture-backed companies new investor
- Index Ventures backs 353 venture-backed companies new investor
Also in the round
- backs 20 venture-backed companies new investor
- Definition Capital new investor
- backs 12 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies existing investor
- backs 39 venture-backed companies existing investor
- Accel backs 581 venture-backed companies existing investor
- Avra existing investor
- Bain Capital Ventures backs 220 venture-backed companies existing investor
- Elad Gil existing investor
- backs 99 venture-backed companies existing investor
- Ribbit backs 126 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 product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
7 Series D rounds in Software Development Services within a year either side disclosed an amount; the median was $150M, and this round was 1.7 times the median. The closest in time, other companies' Series D rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 15 Dec 2025 | $86M | $750M | Georgian and Hedosophia |
| Baseten Software Development Services | 5 Sep 2025 | $150M | $2.15B | BOND |
| Peregrine Software Development Services | 22 Jun 2026 | $250M | $6.80B | Fifth Down Capital and Sequoia Capital |
| Software Development Services | 26 Jun 2025 | $60M | not disclosed | Align Private Capital |
| Mistral AI Software Development Services | 8 Sep 2026 | $3.50B | $24.40B | Samsung Venture Investment and Scaleup Europe Fund |
| AI21 Software Development Services | 10 May 2025 | $300M | not disclosed | not named |
| Snorkel AI Software Development Services | 29 May 2025 | $100M | $1.30B | Addition |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Decagon raise in its Series D round?
Decagon raised $250M in its Series D round, announced in Jan 2026.
Who led Decagon's Series D round?
Coatue and Index Ventures led it, with Chemistry, Definition Capital, Starwood Capital, Andreessen Horowitz and A* and 7 more.
What was Decagon's valuation at the Series D round?
$4.50B post-money ($4.25B pre-money).
How does it compare with other Series D rounds in Software Development Services?
7 Series D rounds in Software Development Services within a year either side disclosed an amount; the median was $150M, and this round was 1.7 times the median.