Funding round
Verbit Seed
Verbit, which works in AI-Based transcription and captioning services in New York, raised $11M in a Seed round announced on 29 Mar 2018, led by HV Capital. 4 firms took part. It is Verbit's first venture round on record.
$11M
Amount raised
Not disclosed
Post-money valuation
4
Investors
1 lead
Valuation
What this round says about the price
Verbit did not disclose a valuation in this round. It is Verbit's first venture round on record, 1 year after it was founded in 2017. It is 2.1% of the $532M Verbit has raised in the venture rounds on record. Verbit raised again 10 months later: a Series A round of $23M in Jan 2019. Its next priced round, a Series D in Jun 2021, valued it at $1.00B.
Verbit's funding rounds
Verbit has 6 venture rounds on record and 1 other deal. This one is highlighted.
- Seed this round 29 Mar 2018, led by HV Capital $11M
- Series A 29 Jan 2019, led by Viola Ventures $23M
- Series B 15 Jan 2020, led by Stripes $31M
- Series C 19 Nov 2020, led by Sapphire Ventures $60M
- Debt not a venture round 8 Jun 2021, led by Silicon Valley Bank $37M
- Series D 8 Jun 2021, led by Sapphire Ventures $157M$1.00B post-money
- Series E 23 Nov 2021, led by Third Point Ventures $250M$2.00B post-money
Investors
Who put money in
HV Capital led the round with 3 other firms.
Lead investor
- HV Capital backs 124 venture-backed companies new investor
Also in the round
- Vertex Ventures new investor
- Orzyn Capital new investor
- backs 31 venture-backed companies
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
676 Seed rounds in Tech Companies within a year either side disclosed an amount; the median was $2.0M, and this round was 5.5 times the median. The closest in time, other companies' Seed rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 28 Mar 2018 | $15M | not disclosed | August Capital |
| Tech Companies | 18 Mar 2018 | $5.5M | not disclosed | not named |
| Tech Companies | 15 Mar 2018 | $5.2M | not disclosed | not named |
| Tech Companies | 5 Mar 2018 | $5.0M | not disclosed | Vertex Ventures Israel and Grove Ventures |
| Tech Companies | 1 Mar 2018 | $4.3M | not disclosed | not named |
| Tech Companies | 23 Mar 2018 | $4.2M | not disclosed | Pembroke Venture Capital Trust |
| Tech Companies | 1 Mar 2018 | $4.0M | not disclosed | Lightspeed Venture Partners and YZi Labs |
| Tech Companies | 23 Mar 2018 | $3.5M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Verbit raise in its Seed round?
Verbit raised $11M in its Seed round, announced in Mar 2018.
Who led Verbit's Seed round?
HV Capital led it, with Vertex Ventures, Orzyn Capital and Vertex Ventures Israel.
What was Verbit's valuation at the Seed round?
It was not disclosed.
How does it compare with other Seed rounds in Tech Companies?
676 Seed rounds in Tech Companies within a year either side disclosed an amount; the median was $2.0M, and this round was 5.5 times the median.
Did Verbit raise again after this round?
Yes: a Series A round in Jan 2019 of $23M.