Funding round
Harness Series C
Harness, which works in software delivery platform development in San Francisco, raised $85M in a Series C round announced on 14 Jan 2021, led by Alkeon, at a $1.70B post-money valuation. 6 firms took part. It is Harness' third venture round on record; the one before was a Series B in Apr 2019.
$85M
Amount raised
$1.70B
Post-money valuation
$1.61B pre-money
6
Investors
1 lead
3.4x
Step-up from the Series B
$500M in Apr 2019
5.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Harness at $1.70B after the new money, 3.4 times the $500M of its Series B (Apr 2019). The $85M bought investors about 5.0% of the company. It came 21 months after Harness' Series B. It is 12% of the $730M Harness has raised in the venture rounds on record. Harness raised again 15 months later: a Series D round of $175M in Apr 2022, at $3.70B 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 23 Apr 2019, led by Institutional Venture Partners, GV and ServiceNow Ventures $60M$500M post-money
- Series C this round 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
Alkeon led the round with 5 other firms.
Lead investor
- Alkeon backs 51 venture-backed companies new investor
Also in the round
- Battery Ventures backs 215 venture-backed companies new investor
- Citi Ventures new investor
- Norwest backs 215 venture-backed companies new investor
- backs 50 venture-backed companies new investor
- backs 43 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
455 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 1.4 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Hive Box Tech Companies | 1 Jan 2021 | $400M | $3.00B | Asia Forge (Cayman) |
| Job&Talent Tech Companies | 8 Jan 2021 | $108M | not disclosed | InfraVia |
| Starburst Tech Companies | 6 Jan 2021 | $100M | $1.20B | Andreessen Horowitz |
| Tech Companies | 14 Jan 2021 | $80M | not disclosed | Sanno Capital |
| Tech Companies | 7 Jan 2021 | $78M | not disclosed | Insight Partners |
| Tech Companies | 27 Jan 2021 | $70M | not disclosed | Cat Rock Capital |
| Tech Companies | 11 Jan 2021 | $51M | not disclosed | 红杉资本中国基金 |
| Tech Companies | 4 Jan 2021 | $50M | not disclosed | Greycroft |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Harness raise in its Series C round?
Harness raised $85M in its Series C round, announced in Jan 2021.
Who led Harness' Series C round?
Alkeon led it, with Battery Ventures, Citi Ventures, Norwest, Sorenson Capital and Thomvest Ventures.
What was Harness' valuation at the Series C round?
$1.70B post-money ($1.61B pre-money).
How does it compare with other Series C rounds in Tech Companies?
455 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 1.4 times the median.
Did Harness raise again after this round?
Yes: a Series D round in Apr 2022 of $175M at $3.70B post-money.