Funding round
Verbit Series A
Verbit, which works in AI-Based transcription and captioning services in New York, raised $23M in a Series A round announced on 29 Jan 2019, led by Viola Ventures. 7 firms took part. It is Verbit's second venture round on record; the one before was a Seed in Mar 2018.
$23M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Verbit did not disclose a valuation in this round. It came 10 months after Verbit's Seed. It is 4.3% of the $532M Verbit has raised in the venture rounds on record. Verbit raised again 12 months later: a Series B round of $31M in Jan 2020. 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 29 Mar 2018, led by HV Capital $11M
- Series A this round 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
Viola Ventures led the round with 6 other firms.
Lead investor
- Viola Ventures new investor
Also in the round
- Vertex Ventures new investor
- HV Capital backs 124 venture-backed companies new investor
- Oryzn Capital new investor
- backs 40 venture-backed companies new investor
- backs 13 venture-backed companies new investor
- backs 10 venture-backed companies new investor
Joined the board: Ronen Nir (Viola Ventures).
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
903 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $8.0M, and this round was 2.9 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 1 Jan 2019 | $141M | $1.84B | China State-Owned Capital Venture Investment Fund and ICBC Investment |
| Tech Companies | 28 Jan 2019 | $68M | not disclosed | Andreessen Horowitz |
| Tech Companies | 31 Jan 2019 | $50M | not disclosed | General Catalyst |
| Tech Companies | 24 Jan 2019 | $35M | $400M | SignalFire |
| Tech Companies | 7 Jan 2019 | $28M | not disclosed | Tenfore Holdings |
| Tech Companies | 15 Jan 2019 | $19M | not disclosed | Polaris Partners and Ten Eleven |
| Tech Companies | 16 Jan 2019 | $17M | not disclosed | not named |
| Tech Companies | 28 Jan 2019 | $16M | not disclosed | Peak Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Verbit raise in its Series A round?
Verbit raised $23M in its Series A round, announced in Jan 2019.
Who led Verbit's Series A round?
Viola Ventures led it, with Vertex Ventures, HV Capital, Oryzn Capital, Vintage Investment Partners and Claltech and 1 more.
What was Verbit's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
903 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $8.0M, and this round was 2.9 times the median.
Did Verbit raise again after this round?
Yes: a Series B round in Jan 2020 of $31M.