Funding round
Verbit Series E
Verbit, which works in AI-Based transcription and captioning services in New York, raised $250M in a Series E round announced on 23 Nov 2021, led by Third Point Ventures, at a $2.00B post-money valuation. 8 firms took part, 8 of them already investors. It is Verbit's sixth venture round on record; the one before was a Series D in Jun 2021.
$250M
Amount raised
$2.00B
Post-money valuation
8
Investors
1 lead
2.0x
Step-up from the Series D
$1.00B in Jun 2021
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Verbit at $2.00B after the new money, 2.0 times the $1.00B of its Series D (Jun 2021). The $250M bought investors about 13% of the company. It came 5 months after Verbit's Series D. It is 47% of the $532M Verbit has raised in the venture rounds on record. No later venture round is on record for Verbit.
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 8 Jun 2021, led by Sapphire Ventures $157M$1.00B post-money
- Series E this round 23 Nov 2021, led by Third Point Ventures $250M$2.00B post-money
Investors
Who put money in
Third Point Ventures led the round with 7 other firms. Third Point Ventures, Sapphire Ventures, More Capital and Disruptive AI and 4 more had backed Verbit before.
Lead investor
- Third Point Ventures existing investor
Also in the round
- Sapphire Ventures backs 148 venture-backed companies existing investor
- More Capital existing investor
- backs 9 venture-backed companies existing investor
- backs 26 venture-backed companies existing investor
- 40North existing investor
- backs 138 venture-backed companies existing investor
- backs 12 venture-backed companies existing investor
Joined the board: Robert Schwartz (Third Point Ventures).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations, acquisitions and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
111 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $150M, and this round was 1.7 times the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Socure Tech Companies | 9 Nov 2021 | $450M | $4.50B | Accel and T. Rowe Price |
| HoneyBook Tech Companies | 3 Nov 2021 | $250M | $2.40B | Tiger Global |
| Workato Tech Companies | 10 Nov 2021 | $200M | $5.70B | Battery Ventures |
| Tech Companies | 9 Nov 2021 | $150M | $1.00B | Liberty Strategic Capital |
| Tech Companies | 9 Nov 2021 | $150M | $1.00B | Insight Partners and Georgian |
| Tech Companies | 18 Nov 2021 | $140M | $1.00B | CapitalG and Paladin Capital Group |
| Tech Companies | 4 Nov 2021 | $120M | $1.70B | Brighton Park Capital |
| Tech Companies | 7 Nov 2021 | $100M | $1.70B | Commonwealth Bank of Australia |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Verbit raise in its Series E round?
Verbit raised $250M in its Series E round, announced in Nov 2021.
Who led Verbit's Series E round?
Third Point Ventures led it, with Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth and 40North and 2 more.
What was Verbit's valuation at the Series E round?
$2.00B post-money.
How does it compare with other Series E rounds in Tech Companies?
111 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $150M, and this round was 1.7 times the median.