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Algolia Bags $150M Round at $2.25B Valuation

July 29, 2021

Algolia has closed $150 million in series D funding led by Lone Pine Capital at a post money valuation of $2.25B. The round also includes funding from Fidelity Management & Research Company LLC, STEADFAST Capital Ventures, Glynn Capital, Twilio, and existing investors including Accel, and Salesforce Ventures. This latest funding round brings Algolia’s total funding to $315M.

“Algolia powers search and content discovery for developers with an API-first approach that can be applied to SaaS applications and e-commerce, as well as enterprise applications,” said Lone Pine Capital. “That means developers can more easily build digital experiences on top of Algolia’s APIs rather than implementing and maintaining a complex backend. This new way of software development is a game-changer for businesses – helping them quickly adapt to the changing needs of their customers.”

This latest investment reflects Algolia’s hypergrowth fueled by demand for “building block” API software that increases developer productivity, the growth in e-commerce and digital transformation.

“The future is API-first – a reality underscored by the growth seen by Twilio, Stripe, Algolia and others in the API economy. A huge part of our success has, and will continue to be, our relentless focus on developers with our PLG strategy – enabling them to build search into their websites and apps, so they create the most relevant and dynamic digital experiences.” said Bernadette Nixon, CEO, Algolia. “And we’re excited to continue to solve customers’ problems as we continue to expand beyond search with Algolia Recommend and Predict.”

This additional investment allows Algolia to scale and serve the increased demand for the company’s Search and Recommendations products, as well as fuel the company’s continued product expansion into adjacent markets and use-cases.

“The amazing thing about software is that you can continually iterate on it and Algolia’s API-first approach ensures that companies can build amazing experiences and great digital products, and create a cycle of continuous improvement,” continued Berandette Nixon. “Companies such as Under Armour, NBC Universal, Société Générale, Stripe and many others are taking this approach and are the ones winning the hearts, minds, and wallet of their customers.”

The Future is Dynamic, Personalized, and API-First

The way companies develop software has changed. Forward-looking companies have realized that applications based on opaque SaaS solutions lack flexibility and old school monolithic platforms can be costly, time-intensive, and outdated. Algolia has expanded beyond search to become a multi-product company that empowers developers with its API platform to create composable applications that deliver rich, personalized, and dynamic digital experiences in real time to consumers and employees.

New Company Vision, Boosted Innovation

This new funding round caps a landmark year that saw significant growth and product innovation. Algolia launched with the goal of creating fast, instant, and relevant search and discovery experiences that surfaced the desired information quickly. Earlier this year, the company announced its new vision for dynamic experiences, advancing beyond search to empower businesses to quickly predict a visitor’s intent on their digital property in real time, in the session, and in the moment. The business, armed with this visitor intent, can surface dynamic content in the form of search results, recommendations, offers, in-app notifications, and more — all while respecting privacy laws and regulations.

Meanwhile, the company added seven leaders to its executive suite in the last 18 months, with the appointment of Bernadette Nixon (chief executive officer, formerly of Alfresco), in addition to Michelle Adams (chief revenue officer, formerly of Dropbox), Carlton Baab (chief financial officer, formerly of Alfresco), Piyush Patel (chief business development officer, formerly of Capgemini), Jim Schattin (chief customer officer, formerly of Alteryx), Jason McClelland (chief marketing officer, formerly of Salesforce and Adobe), and Bharat Guruprakash (chief product officer, formerly of Twilio).

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