Customer Research Platform Dovetail Valued North of $700 Million Following $63 Million Series A Led by Accel
Dovetail, the leading customer research platform, today announces it has closed $63 million USD in Series A financing led by Accel, with participation from existing investors including Blackbird and Felicis Ventures, at a post-money valuation north of $700 million USD. This brings Dovetail’s total funding to $71 million USD since the company was started in 2017. The new capital will support Dovetail’s continued investment in building the system of record for an organization’s customer knowledge. Dovetail’s 2,600+ customers include many of the world’s most innovative companies including Affirm, Arm, Atlassian, Canva, Deloitte, PwC, Porsche, Shopify, Starbucks, and Workday.
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“If Dovetail continues on its current customer and revenue growth trajectory, it can achieve Atlassian scale success. The velocity of product development, caliber of talent and customer obsession, is stunning to watch. We’re thrilled to be partnered with Dovetail on their journey”
Dovetail, which has pioneered the research repository category, brings teams together to discover customer insights from data ranging from user interview recordings to satisfaction survey responses. The platform enables teams to collaborate on customer research and make better decisions, faster with rapid access to relevant customer insights.
Organizations around the world are doubling down on user experience and customer-centricity as strategic amplifiers of growth. Along with the rising demand for collaboration tools, these trends have seen customers of all sizes—most notably, 10% of Fortune 100 companies like Cisco, Comcast, Intel, and Merck—look to Dovetail for their customer research needs.
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“I’m proud to say Dovetail is becoming a must-have for many organizations. Through the insights created on our platform, teams can quickly make good decisions based on everything they know about their customers,” said Benjamin Humphrey, Co-founder and CEO of Dovetail. “However, we have only scratched the surface. There are many more opportunities to serve unmet needs in this space. With Accel’s partnership and this new capital, I’m excited to continue growing our team to build new functionality and launch new products.”
“Dovetail is quickly becoming the formative system of record for customer research, in the same way Atlassian did for developers,” said Rich Wong, Partner at Accel. “We’re excited to support the journey.”
“With its slick UI and powerful collaboration features, Dovetail is extending user research to the entire organization and redefining how companies manage their product and customer experience,” said Arun Mathew, Partner at Accel. “Benjamin and Bradley have built a strong team in a flourishing region, and we are thrilled to support this next step.”
“In just two years since we invested in Dovetail, Benjamin and Bradley defined the vision for the customer insights repository category and executed on that vision with unmatched precision,” said Victoria Treyger, general partner at Felicis. “The company grew revenue 8x, built a recruiting machine that raised the bar with every new hire, and developed the superpower to rapidly iterate in every area of the business, from robust product releases to innovating on the product-led growth model to acquire enterprise customers. We are incredibly proud to be part of the Dovetail rocket ship.”
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