Funding round
Harness Series B
Harness, which works in software delivery platform development in San Francisco, raised $60M in a Series B round announced on 23 Apr 2019, led by Institutional Venture Partners, GV and ServiceNow Ventures, at a $500M post-money valuation. 6 firms took part. It is Harness' second venture round on record; the one before was a Series A in Oct 2017.
$60M
Amount raised
$500M
Post-money valuation
$440M pre-money
6
Investors
3 leads
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Harness at $500M after the new money. The $60M bought investors about 12% of the company. It came 18 months after Harness' Series A. It is 8.2% of the $730M Harness has raised in the venture rounds on record. Harness raised again 21 months later: a Series C round of $85M in Jan 2021, at $1.70B post-money.
Harness' funding rounds
Harness has 6 venture rounds on record. This one is highlighted.
- Series A 24 Oct 2017, led by Menlo Ventures and BIG Labs $20M
- Series B this round 23 Apr 2019, led by Institutional Venture Partners, GV and ServiceNow Ventures $60M$500M post-money
- Series C 14 Jan 2021, led by Alkeon $85M$1.70B post-money
- Series D 26 Apr 2022, led by Norwest $175M$3.70B post-money
- Growth 14 May 2024 $150M
- Series E 11 Dec 2025, led by Goldman Sachs $240M$5.50B post-money
Investors
Who put money in
Institutional Venture Partners, GV and ServiceNow Ventures led the round with 3 other firms.
Lead investors
- Institutional Venture Partners backs 109 venture-backed companies new investor
- GV backs 428 venture-backed companies new investor
- ServiceNow Ventures new investor
Also in the round
- BIG Labs new investor
- Menlo Ventures backs 215 venture-backed companies new investor
- backs 69 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
508 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $21M, and this round was 2.9 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| SambaNova Tech Companies | 1 Apr 2019 | $150M | not disclosed | Intel Capital |
| Tech Companies | 17 Apr 2019 | $41M | not disclosed | not named |
| Tech Companies | 29 Apr 2019 | $37M | not disclosed | Spark Capital |
| Chainalysis Tech Companies | 16 Apr 2019 | $36M | not disclosed | Accel |
| Tech Companies | 1 Apr 2019 | $35M | not disclosed | Viola Ventures |
| Tech Companies | 30 Apr 2019 | $34M | $161M | Summit Partners |
| Tech Companies | 29 Apr 2019 | $31M | not disclosed | Goldman Sachs Investment Partners |
| Aidoc Tech Companies | 17 Apr 2019 | $27M | not disclosed | Square Peg |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Harness raise in its Series B round?
Harness raised $60M in its Series B round, announced in Apr 2019.
Who led Harness' Series B round?
Institutional Venture Partners, GV and ServiceNow Ventures led it, with BIG Labs, Menlo Ventures and Unusual Ventures.
What was Harness' valuation at the Series B round?
$500M post-money ($440M pre-money).
How does it compare with other Series B rounds in Tech Companies?
508 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $21M, and this round was 2.9 times the median.
Did Harness raise again after this round?
Yes: a Series C round in Jan 2021 of $85M at $1.70B post-money.