Funding round
Verbit Series B
Verbit, which works in AI-Based transcription and captioning services in New York, raised $31M in a Series B round announced on 15 Jan 2020, led by Stripes. 6 firms took part. It is Verbit's third venture round on record; the one before was a Series A in Jan 2019.
$31M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Verbit did not disclose a valuation in this round. It came 12 months after Verbit's Series A. It is 5.8% of the $532M Verbit has raised in the venture rounds on record. Verbit raised again 10 months later: a Series C round of $60M in Nov 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 29 Jan 2019, led by Viola Ventures $23M
- Series B this round 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
Stripes led the round with 5 other firms.
Lead investor
- Stripes backs 101 venture-backed companies new investor
Also in the round
- Viola Ventures new investor
- Vertex Ventures new investor
- HV Capital backs 124 venture-backed companies new investor
- Oryzn Capital new investor
- backs 13 venture-backed companies new investor
Joined the board: Saagar Kulkarni (Stripes).
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
558 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $23M, and this round was 1.3 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 13 Jan 2020 | $150M | not disclosed | Declaration Partners |
| HighRadius Tech Companies | 7 Jan 2020 | $125M | $1.00B | ICONIQ Capital |
| Tech Companies | 1 Jan 2020 | $125M | $415M | March Capital |
| Tech Companies | 28 Jan 2020 | $100M | not disclosed | Susquehanna Growth Equity |
| Tech Companies | 20 Jan 2020 | $60M | not disclosed | Atomico |
| Tech Companies | 1 Jan 2020 | $50M | $255M | not named |
| Tech Companies | 30 Jan 2020 | $50M | not disclosed | General Catalyst |
| Tech Companies | 17 Jan 2020 | $47M | not disclosed | Eight Roads and F-Prime Capital |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Verbit raise in its Series B round?
Verbit raised $31M in its Series B round, announced in Jan 2020.
Who led Verbit's Series B round?
Stripes led it, with Viola Ventures, Vertex Ventures, HV Capital, Oryzn Capital and Claltech.
What was Verbit's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
558 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $23M, and this round was 1.3 times the median.
Did Verbit raise again after this round?
Yes: a Series C round in Nov 2020 of $60M.