Funding round
Poolside Series B
Poolside, which works in artificial general intelligence research and development in San Francisco, raised $500M in a Series B round announced on 2 Oct 2024, led by Bain Capital Ventures, at a $3.00B post-money valuation. 17 firms took part, 3 of them already investors. It is Poolside's second venture round on record; the one before was a Seed in Aug 2023.
$500M
Amount raised
$3.00B
Post-money valuation
$2.50B pre-money
17
Investors
1 lead
5.7x
Step-up from the Seed
$526M in Aug 2023
17%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Poolside at $3.00B after the new money, 5.7 times the $526M of its Seed (Aug 2023). The $500M bought investors about 17% of the company. It came 14 months after Poolside's Seed. It is 80% of the $626M Poolside has raised in the venture rounds on record. No later venture round is on record for Poolside.
Poolside's funding rounds
Poolside has 2 venture rounds on record. This one is highlighted.
- Seed 24 Aug 2023, led by Felicis and Redpoint Ventures $126M$526M post-money
- Series B this round 2 Oct 2024, led by Bain Capital Ventures $500M$3.00B post-money
Investors
Who put money in
Bain Capital Ventures led the round with 16 other firms. Nvidia Corp., Felicis and Redpoint Ventures had backed Poolside before.
Lead investor
- Bain Capital Ventures backs 220 venture-backed companies new investor
Also in the round
- eBay Inc. new investor
- Nvidia Corp. existing investor
- Citi Ventures new investor
- HSBC Ventures new investor
- backs 49 venture-backed companies new investor
- DST Global backs 179 venture-backed companies new investor
- StepStone Group new investor
- backs 27 venture-backed companies new investor
- Premji Invest backs 50 venture-backed companies new investor
- Dorsal Capital new investor
- BAM Elevate new investor
- Adams Street Partners backs 61 venture-backed companies new investor
- backs 49 venture-backed companies new investor
- Felicis backs 237 venture-backed companies existing investor
- Redpoint Ventures backs 194 venture-backed companies existing investor
- Capital One Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
53 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $35M, and this round was 14 times the median. The closest in time, other companies' Series B rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Decagon Software Development Services | 15 Oct 2024 | $65M | $650M | Bain Capital Ventures |
| Software Development Services | 15 Oct 2024 | $44M | not disclosed | Smith Point Capital |
| Software Development Services | 15 Oct 2024 | $35M | not disclosed | Accel |
| Software Development Services | 24 Oct 2024 | $26M | not disclosed | not named |
| Software Development Services | 31 Oct 2024 | $19M | not disclosed | Atinum Investment |
| Software Development Services | 28 Oct 2024 | $16M | not disclosed | Intuit Ventures and Mucker Capital |
| Software Development Services | 22 Oct 2024 | $5.0M | not disclosed | RET Ventures |
| Software Development Services | 4 Sep 2024 | $50M | not disclosed | Georgian |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Poolside raise in its Series B round?
Poolside raised $500M in its Series B round, announced in Oct 2024.
Who led Poolside's Series B round?
Bain Capital Ventures led it, with eBay Inc., Nvidia Corp., Citi Ventures, HSBC Ventures and LG Technology Ventures and 11 more.
What was Poolside's valuation at the Series B round?
$3.00B post-money ($2.50B pre-money).
How does it compare with other Series B rounds in Software Development Services?
53 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $35M, and this round was 14 times the median.