Funding round
Verbit Series D
Verbit, which works in AI-Based transcription and captioning services in New York, raised $157M in a Series D round announced on 8 Jun 2021, led by Sapphire Ventures, at a $1.00B post-money valuation. 13 firms took part. It is Verbit's fifth venture round on record; the one before was a Series C in Nov 2020.
$157M
Amount raised
$1.00B
Post-money valuation
$843M pre-money
13
Investors
1 lead
16%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Verbit at $1.00B after the new money. The $157M bought investors about 16% of the company. It came 7 months after Verbit's Series C. It is 30% of the $532M Verbit has raised in the venture rounds on record. Verbit raised again 5 months later: a Series E round of $250M in Nov 2021, at $2.00B 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 19 Nov 2020, led by Sapphire Ventures $60M
- Debt not a venture round 8 Jun 2021, led by Silicon Valley Bank $37M
- Series D this round 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 12 other firms.
Lead investor
- Sapphire Ventures backs 148 venture-backed companies new investor
Also in the round
- backs 7 venture-backed companies new investor
- More Capital new investor
- backs 2 venture-backed companies new investor
- ICON new investor
- Stripes backs 101 venture-backed companies new investor
- Vertex Ventures new investor
- backs 26 venture-backed companies new investor
- HV Capital backs 124 venture-backed companies new investor
- Oryzn Capital new investor
- Viola Ventures new investor
- backs 13 venture-backed companies new investor
- Azura new investor
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
238 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $100M, and this round was 1.6 times the median. The closest in time, other companies' Series D rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Trulioo Tech Companies | 7 Jun 2021 | $394M | $1.75B | Technology Crossover Ventures |
| ApplyBoard Tech Companies | 15 Jun 2021 | $300M | $3.20B | Ontario Teachers’ Pension Plan |
| Tech Companies | 1 Jun 2021 | $190M | not disclosed | Denso and Cowen Capital |
| Tech Companies | 22 Jun 2021 | $157M | $1.10B | Permira and Salesforce Ventures |
| Claroty Tech Companies | 17 Jun 2021 | $140M | not disclosed | Bessemer Venture Partners and 40 North |
| Tech Companies | 23 Jun 2021 | $120M | $1.00B | Goldman Sachs Asset Management |
| Tech Companies | 23 Jun 2021 | $120M | not disclosed | Prysm Capital |
| Tech Companies | 3 Jun 2021 | $110M | $1.20B | Riverwood Capital |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Verbit raise in its Series D round?
Verbit raised $157M in its Series D round, announced in Jun 2021.
Who led Verbit's Series D round?
Sapphire Ventures led it, with Third Point, More Capital, Lion Investment Partners, ICON and Stripes and 7 more.
What was Verbit's valuation at the Series D round?
$1.00B post-money ($843M pre-money).
How does it compare with other Series D rounds in Tech Companies?
238 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $100M, and this round was 1.6 times the median.
Did Verbit raise again after this round?
Yes: a Series E round in Nov 2021 of $250M at $2.00B post-money.