Sequoia leads $45m series-B for Productboard

Mariia Bondarenko
16 January 2020

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Sequoia Capital has led a $45m series-B funding round for Czech product management software company Productboard.

The round also saw participation from Bessemer Venture Partners, as well as other existing investors.

The valuation of Productboard has now reached $350m, according to the Czech version of Forbes.

Andrew Reed from Sequoia will join Productboard's board of directors, while Bessemer's Byron Deeter will contribute as an observer. David Sacks from Craft Ventures will join the company as a strategic investor.

Previous funding
In 2018, Productboard raised $8m in a series-A funding round led by Kleiner Perkins, with participation from previous seed investors – Index Ventures, Credo Ventures, Reflex Capital and Rockaway Capital. Also joining the round were angel investors Eoghan McCabe and Des Traynor (co-founders of Intercom), Clark Valberg (co-founder of InVision), and Larry Gadea (founder of Envoy).

In 2019, the company raised $10m in further funding, adding to its series-A. The round was led by Index Ventures, and saw Index general partner Jan Hammer joining the board. Also participating were previous backers Kleiner Perkins, Credo, Rockaway and Reflex. It brought total funding for Productboard to $19.7m.

Company
Founded in 2014, Productboard is the developer of a product management system. Its customer base spans software-as-a-service businesses, e-commerce platforms, medical device manufacturers, academic journals, news outlets, book publishers and on-demand services. Based in Prague and San Francisco, the company serves around 2,500 clients. It employs 75 people, acording to Owler.

People
Sequoia Capital – Andrew Reed (partner).
Bessemer Venture Partners – Byron Deeter (partner).
Productboard – Hubert Palan (founder, CEO).