Funding round
Devo Series E
Devo, which works in unified security data platform development in Boston, raised $250M in a Series E round announced on 26 Oct 2021, led by Technology Crossover Ventures, at a $1.50B post-money valuation. 7 firms took part, 4 of them already investors. It is Devo's fourth venture round on record; the one before was a Series D in Sep 2020.
$250M
Amount raised
$1.50B
Post-money valuation
$1.25B pre-money
7
Investors
1 lead
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Devo at $1.50B after the new money. The $250M bought investors about 17% of the company. It came 13 months after Devo's Series D. It is 53% of the $470M Devo has raised in the venture rounds on record. Devo raised again 8 months later: a Series F round of $100M in Jun 2022, at $2.00B post-money.
Devo's funding rounds
Devo has 5 venture rounds on record. This one is highlighted.
Investors
Who put money in
Technology Crossover Ventures led the round with 6 other firms. Insight Partners, Georgian, Bessemer Venture Partners and Kibo Ventures had backed Devo before.
Lead investor
- Technology Crossover Ventures backs 86 venture-backed companies new investor
Also in the round
- General Atlantic backs 134 venture-backed companies new investor
- Eurazeo backs 103 venture-backed companies new investor
- Insight Partners backs 548 venture-backed companies existing investor
- backs 54 venture-backed companies existing investor
- Bessemer Venture Partners backs 412 venture-backed companies existing investor
- backs 29 venture-backed companies existing investor
Joined the board: Gopi Vaddi (TCV) and Gary Reiner (General Atlantic).
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
114 Series E rounds in Tech Companies 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 E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 26 Oct 2021 | $180M | $1.00B | Baker Hughes |
| Tech Companies | 5 Oct 2021 | $150M | $800M | Permira |
| Mirakl Tech Companies | 21 Sep 2021 | $555M | $3.50B | Silver Lake |
| Socure Tech Companies | 9 Nov 2021 | $450M | $4.50B | Accel and T. Rowe Price |
| HoneyBook Tech Companies | 3 Nov 2021 | $250M | $2.40B | Tiger Global |
| Verbit Tech Companies | 23 Nov 2021 | $250M | $2.00B | Third Point Ventures |
| Tech Companies | 8 Sep 2021 | $200M | $2.00B | Technology Crossover Ventures |
| Workato Tech Companies | 10 Nov 2021 | $200M | $5.70B | Battery Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Devo raise in its Series E round?
Devo raised $250M in its Series E round, announced in Oct 2021.
Who led Devo's Series E round?
Technology Crossover Ventures led it, with General Atlantic, Eurazeo, Insight Partners, Georgian and Bessemer Venture Partners and 1 more.
What was Devo's valuation at the Series E round?
$1.50B post-money ($1.25B pre-money).
How does it compare with other Series E rounds in Tech Companies?
114 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $150M, and this round was 1.7 times the median.
Did Devo raise again after this round?
Yes: a Series F round in Jun 2022 of $100M at $2.00B post-money.