Every company is becoming a digital company, but not every company excels at building extraordinary digital products. While there are many challenges, a Czech customer-centric product management platform, ProductBoard has helped solve these problems and helps organisations get the right products to market faster.
Today, ProductBoard has grabbed $125 million funding in a Series D funding round led by Dragoneer Investment Group, an investor in edtech unicorn GoStudent and UK’s most valuable company Checkout.com along with participation from acclaimed Tiger Global, which invested in Practice Ignition recently. Also, existing investors Bessemer Venture Partners, Sequoia Capital, Kleiner Perkins, Index Ventures, and Credo Ventures, which invested in Fiat Republic participated in the round.
With this round, the total investment raised by the company is $262 million to date and has reached a valuation of $1.725 billion. The investment will support and scale product offerings for Productboard’s growing base of enterprise customers, fuel hiring efforts, and continue to position the company as the leader in the product management software space.
The Czech unicorn opened its Dublin office last year and employs 400 people worldwide. It plans to triple the current staff at its Dublin office to 75 from the current count of 25.
Hubert Palan, Founder & CEO of Productboard said “We believe in a world with heightened competition, a new hybrid working model, and higher consumer expectations, incorporating customer feedback into every stage of product strategy and execution is ultimately the common denominator shared by the best products. We’re thrilled to leverage this new round of funding to further build out the Productboard platform and make product management more accessible to the entire business.”
“It’s staggering that so many companies are investing so much in R&D, but doing so without asking, in a data-driven way, “what should we actually be building?” said Christian Jensen, Partner at Dragoneer Investment Group. “Some of our portfolio companies started using Productboard, and the difference was night and day. The world is moving towards customer centricity, and we finally have a data-driven system of record to help product managers and stakeholders across the organization determine and manage product direction.”
“We have partnered with Productboard over the last several years to help accelerate our release cycles,” said Param Kahlon, Chief Product Officer at UiPath. “The platform has enhanced our ability to launch products, while gathering the right feedback from our customers. With Productboard, we are able to focus on building the best products for our customers.”
What does it resolve?
As per data, 69 percent of product teams find that their products and features are not consistently well-received by customers. On the other hand, 3 out of 5 teams say they lack a clear vision of where their product is headed. This is where, it is clear that there is a need for the solution released by Productboard.
Productboard provides a centralised hub that gathers customer feedback, streamlines complexity, provides structure, and enhances product visibility, access and alignment across the entirety of an organisation.
Founded by Daniel Hejl and Hubert Palan with the mission to help companies around the world build truly excellent products. Productboard is used by over 5,400 companies including Microsoft, Zoom, UiPath, and Salesforce to understand what their users need and prioritise what to build next. It has offices in San Francisco, Prague, and Vancouver.
In 2021, Productboard saw accelerated growth with its customer base. The company also partnered with leading companies to help teams better integrate and collaborate. Following its enterprise business’ rapid growth rate, the team intends to continue investing in building momentum in the upmarket segment in 2022 and beyond.