Funding round
Verbit Series C
Verbit, which works in AI-Based transcription and captioning services in New York, raised $60M in a Series C round announced on 19 Nov 2020, led by Sapphire Ventures. 6 firms took part, 4 of them already investors. It is Verbit's fourth venture round on record; the one before was a Series B in Jan 2020.
$60M
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 10 months after Verbit's Series B. It is 11% of the $532M Verbit has raised in the venture rounds on record. Verbit raised again 7 months later: a Series D round of $157M in Jun 2021, at $1.00B post-money.
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 15 Jan 2020, led by Stripes $31M
- Series C this round 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
Sapphire Ventures led the round with 5 other firms. Vertex Ventures, Stripes, HV Capital and Claltech had backed Verbit before.
Lead investor
- Sapphire Ventures backs 148 venture-backed companies new investor
Also in the round
- Vertex Ventures existing investor
- Stripes backs 101 venture-backed companies existing investor
- HV Capital backs 124 venture-backed companies existing investor
- backs 13 venture-backed companies existing investor
- backs 26 venture-backed companies new investor
Joined the board: Jai Das (Sapphire 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, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
425 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $54M, and this round was close to the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chainalysis Tech Companies | 23 Nov 2020 | $100M | $1.00B | Addition |
| Medable Tech Companies | 19 Nov 2020 | $91M | not disclosed | Sapphire Ventures |
| Tech Companies | 1 Nov 2020 | $77M | $706M | BOND |
| Tech Companies | 9 Nov 2020 | $50M | not disclosed | Tencent and Legal & General |
| Tech Companies | 18 Nov 2020 | $48M | not disclosed | not named |
| Tech Companies | 24 Nov 2020 | $45M | not disclosed | Lead Edge Capital |
| Tech Companies | 11 Nov 2020 | $33M | not disclosed | Silversmith Capital Partners |
| Tech Companies | 1 Nov 2020 | $27M | not disclosed | Jerusalem Venture Partners and K1 Investment Management |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Verbit raise in its Series C round?
Verbit raised $60M in its Series C round, announced in Nov 2020.
Who led Verbit's Series C round?
Sapphire Ventures led it, with Vertex Ventures, Stripes, HV Capital, Claltech and Vertex Growth.
What was Verbit's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Tech Companies?
425 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $54M, and this round was close to the median.
Did Verbit raise again after this round?
Yes: a Series D round in Jun 2021 of $157M at $1.00B post-money.