Funding round
Island Series B
Island, which works in enterprise browser software development in Coppell, raised $115M in a Series B round announced on 23 Mar 2022, led by Insight Partners, at a $1.30B post-money valuation. 3 firms took part, 3 of them already investors. It is Island's first venture round on record.
$115M
Amount raised
$1.30B
Post-money valuation
3
Investors
1 lead
8.8%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Island at $1.30B after the new money. The $115M bought investors about 8.8% of the company. It is Island's first venture round on record, 2 years after it was founded in 2020. It is 11% of the $1.04B Island has raised in the venture rounds on record. Island raised again 19 months later: a Series C round of $100M in Oct 2023, at $1.50B post-money.
Island's funding rounds
Island has 5 venture rounds on record. This one is highlighted.
- Series B this round 23 Mar 2022, led by Insight Partners $115M$1.30B post-money
- Series C 23 Oct 2023, led by Prysm Capital $100M$1.50B post-money
- Series D 30 Apr 2024 $175M$3.00B post-money
- Series E 26 Mar 2025, led by Coatue $250M$4.80B post-money
- Series F 24 Sep 2026, led by Evolution Equity Partners $400M$6.40B post-money
Investors
Who put money in
Insight Partners led the round with 2 other firms. Insight Partners, Stripes and Sequoia Capital had backed Island before.
Lead investor
- Insight Partners backs 548 venture-backed companies existing investor
Also in the round
- Stripes backs 101 venture-backed companies existing investor
- Sequoia Capital backs 589 venture-backed companies existing 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
1,024 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $30M, and this round was 3.8 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 17 Mar 2022 | $150M | $1.65B | Andreessen Horowitz and Paradigm |
| Tech Companies | 8 Mar 2022 | $100M | not disclosed | Wormhole Capital |
| Tech Companies | 29 Mar 2022 | $82M | not disclosed | not named |
| Tech Companies | 11 Mar 2022 | $65M | not disclosed | not named |
| Tech Companies | 3 Mar 2022 | $60M | not disclosed | Insight Partners |
| Tech Companies | 15 Mar 2022 | $60M | $400M | Tiger Global and Sequoia Capital India |
| Tech Companies | 9 Mar 2022 | $53M | not disclosed | Eight Roads |
| Tech Companies | 22 Mar 2022 | $52M | not disclosed | Andreessen Horowitz |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Island raise in its Series B round?
Island raised $115M in its Series B round, announced in Mar 2022.
Who led Island's Series B round?
Insight Partners led it, with Stripes and Sequoia Capital.
What was Island's valuation at the Series B round?
$1.30B post-money.
How does it compare with other Series B rounds in Tech Companies?
1,024 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $30M, and this round was 3.8 times the median.
Did Island raise again after this round?
Yes: a Series C round in Oct 2023 of $100M at $1.50B post-money.