Funding round
Island Series C
Island, which works in enterprise browser software development in Coppell, raised $100M in a Series C round announced on 23 Oct 2023, led by Prysm Capital, at a $1.50B post-money valuation. 7 firms took part, 5 of them already investors. It is Island's second venture round on record; the one before was a Series B in Mar 2022.
$100M
Amount raised
$1.50B
Post-money valuation
7
Investors
1 lead
1.2x
Step-up from the Series B
$1.30B in Mar 2022
6.7%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Island at $1.50B after the new money, 1.2 times the $1.30B of its Series B (Mar 2022). The $100M bought investors about 6.7% of the company. It came 19 months after Island's Series B. It is 9.6% of the $1.04B Island has raised in the venture rounds on record. Island raised again 6 months later: a Series D round of $175M in Apr 2024, at $3.00B post-money.
Island's funding rounds
Island has 5 venture rounds on record. This one is highlighted.
- Series B 23 Mar 2022, led by Insight Partners $115M$1.30B post-money
- Series C this round 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
Prysm Capital led the round with 6 other firms. Insight Partners, Stripes, Sequoia Capital and Cyberstarts and 1 more had backed Island before.
Lead investor
- backs 18 venture-backed companies new investor
Also in the round
- Canapi Ventures new investor
- Insight Partners backs 548 venture-backed companies existing investor
- Stripes backs 101 venture-backed companies existing investor
- Sequoia Capital backs 589 venture-backed companies existing investor
- backs 21 venture-backed companies existing investor
- backs 54 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing and scaling operations.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
Comparable rounds
How it compares
218 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $45M, and this round was 2.2 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Metropolis Tech Companies | 5 Oct 2023 | $1.70B | not disclosed | Eldridge Capital and 3L Growth Equity |
| Tech Companies | 10 Oct 2023 | $60M | not disclosed | March Capital |
| Tech Companies | 24 Oct 2023 | $50M | not disclosed | Decibel Partners |
| Tech Companies | 3 Oct 2023 | $41M | not disclosed | Madrona |
| Tech Companies | 17 Oct 2023 | $33M | not disclosed | Nexus Venture Partners |
| Tech Companies | 27 Oct 2023 | $31M | not disclosed | not named |
| Tech Companies | 2 Oct 2023 | $31M | not disclosed | Invus |
| Tech Companies | 17 Oct 2023 | $11M | not disclosed | Junction |
Sources
Where this comes from
Reported by 6 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Island raise in its Series C round?
Island raised $100M in its Series C round, announced in Oct 2023.
Who led Island's Series C round?
Prysm Capital led it, with Canapi Ventures, Insight Partners, Stripes, Sequoia Capital and Cyberstarts and 1 more.
What was Island's valuation at the Series C round?
$1.50B post-money.
How does it compare with other Series C rounds in Tech Companies?
218 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $45M, and this round was 2.2 times the median.
Did Island raise again after this round?
Yes: a Series D round in Apr 2024 of $175M at $3.00B post-money.