Stack Overflow Raises $85m in Series E Funding to Further Accelerate SaaS Business
GIC led the round with participation from Silver Lake Waterman and existing investors Andreessen Horowitz, Index Ventures, Spark Capital and Union Square Ventures (USV).
Stack Overflow, the most trusted platform for developers and technologists visited by more than 120 million people each month, announced $85M in Series E funding led by GIC with participation from new investor Silver Lake Waterman and existing investors Andreessen Horowitz, Index Ventures, Spark Capital, and Union Square Ventures (USV). The round brings Stack Overflow’s total funding to $153M.
Stack Overflow raises $85M in Series E funding to further accelerate SaaS business
The new financing will be used to accelerate the company’s SaaS knowledge management and collaboration offering, Stack for Teams. The funding comes on the heels of the product’s significant momentum, with Stack Overflow for Teams’ revenue doubling every year since launching in 2017.
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A collaboration platform for developers and technologists to break down silos and work asynchronously to ship products faster, accelerate onboarding, improve customer experience and drive innovation, Stack for Teams is used by thousands of companies including Bloomberg, Elastic, Expensify, Microsoft, Wix and Zapier. Stack for Teams is seeing rapid adoption as startups and large enterprises embrace platforms to streamline developer and technologist workflows and integrate tools for transparency, security and communication. Over 200,000 paid users across more than 5,000 teams use the platform across Engineering, Product Management, Data Science and Customer Support.
“This $85 million in new funding, fueled by the growth of Stack Overflow for Teams, allows Stack Overflow to scale rapidly, to accelerate our transformation into a leading SaaS company, to expand into new markets, and to continue to invest in our public platform and the community that is the foundation of our company,” said Stack Overflow CEO Prashanth Chandrasekar. As part of the recent financing, Chandrasekar will join the board of Stack Overflow. A senior leader and cloud veteran from Rackspace, he was appointed CEO of the company in October 2019.
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