Algolia Raises $110 Million in Funding
Series C Investment from Accel and Salesforce Ventures Reflects Growing Need to Deliver World-class Search and Discovery Experiences
October 15, 2019 at 12:00 AM Coordinated Universal Time
SAN FRANCISCO, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Algolia, the leading Search and Discovery solution, today announced it has raised $110 million in funding. The company’s Series C was led by existing investor Accel, with additional investments from Salesforce Ventures and several other leading firms.
There are over 4.5 billion people on the web today1. They are searching across 1.8 billion websites2 and millions of apps3. Algolia’s mission is to help businesses of any size take control of how people search, discover, and find their products and content through a personalized and relevant experience. Algolia’s Search-as-a-Service solution and suite of APIs are purpose-built to be developer-friendly and easy to implement while its analytics, personalization, and A/B testing capabilities enable business users to maximize growth.
The company is experiencing explosive growth with over 8,000 customers using Algolia’s technology to delight their users by presenting the products and content they want in milliseconds. Leading companies including Stripe, Slack, Intuit, Discovery, Sephora, Lacoste, LVMH, and Birchbox use Algolia to deliver fast, engaging, and relevant digital experiences that drive results.
“For too long, organizations have had to choose between building resource-intensive search tools by themselves and using lower-cost — but inflexible — set-it-and-forget-it search solutions,” said Nicolas Dessaigne, Co-founder and CEO, Algolia. “Algolia solves for both by removing the cost and complexity of building search, while empowering businesses to create tailored experiences that engage and delight customers. Our rapid customer growth underscores both the market’s need to deliver amazing consumer experiences, and Algolia’s ability to help customers achieve these experiences.”
“With a world-class team of search experts and a passionate customer base, Algolia has become the market leader in Search-as-a-Service,” said Nate Niparko, Partner, Accel. “Algolia is accelerating innovation in personalized and intelligent search, enabling companies to deliver a great user experience that drives improved business results. We are excited to double down on Algolia and support their mission to lead the search and discovery market.”
"Algolia has been a great search innovator and delivers unique experiences for customers across Commerce,” said Mike Micucci, CEO, Salesforce Commerce Cloud. “Algolia's integration into the Commerce Cloud platform will continue to drive momentum and mutual success with our developer, partner, and customer community."
“Our customers demand an intuitive, stellar experience that Lacoste is known for worldwide," said Jérémie Szpiro, Global Digital Director, Lacoste. "The combination of Algolia and Salesforce Commerce Cloud is a critical part of delivering this digital experience across Lacoste platforms globally and has helped double our global sales.”
“Delivering a fast, relevant experience to our online customers is a top priority,” said Nick Maupin, Product Manager, Under Armour. “With Algolia, Under Armour has been able to move from a manual, time-intensive search tool to a fast, intuitive and insight-driven search experience to deliver what our customers are searching for.”
Algolia will use the funds to support its tremendous growth by focusing on further global expansion across the U.S., Europe and Asia-Pacific. The new funding will also support research and development teams to continue innovating and evolving Algolia’s Search-as-a-Service platform, focusing on personalization, machine learning, and voice search capabilities. Investors that participated in the Series C round also include Alven, DAG Ventures, Founders Circle, Owl Rock Capital, SaaStr Fund, and World Innovation Lab. Additionally, Accel’s Niparko has joined Algolia’s board of directors.
The funding announcement also follows Algolia’s inclusion on the annual Inc. 5000 list for the second year in a row, which honors the most prestigious ranking of the nation’s fastest-growing private companies.
For more information on today’s announcement, read Dessaigne’s blog: https://blog.algolia.com/algolia-series-c-2019-funding/
- Blog: https://blog.algolia.com/
- Twitter: https://twitter.com/algolia
- LinkedIn: https://www.linkedin.com/company/algolia/
- Facebook: https://www.facebook.com/algolia/
- Careers: https://www.algolia.com/careers
1 “World Internet Usage and Population Statistics: 2019 Mid-Year Estimates,” Internet World Stats, last modified Sept. 20, 2019, https://www.internetworldstats.com/stats.htm
2 Martin Armstrong, “How Many Websites Are There?” Statistica, Aug. 19, 2019, https://www.statista.com/chart/19058/how-many-websites-are-there/
3 Artyom Dogtiev, “App Stores List (2019),” Business of Apps, last modified Sept. 6, 2019, https://www.businessofapps.com/guide/app-stores-list/
Algolia is the Search-as-a-Service platform that enables companies of all sizes to deliver fast and relevant digital experiences that drive real results. With Algolia, consumers are able to find and discover what they want easily across web, mobile, and voice. Algolia allows developers and business teams to build and optimize delightful search and discovery experiences that increase online engagement, conversion rates and revenue. More than 8,000 companies including Stripe, Slack, Discovery Inc., Medium, LVMH, Lacoste, Zendesk and Birchbox rely on Algolia to manage 70 billion search queries a month. Algolia is headquartered in San Francisco with offices in Paris, London, Tokyo, New York and Atlanta. To learn more, visit www.algolia.com.
Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath, Venmo, and Vox Media are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com or www.twitter.com/accel.
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 300 enterprise cloud startups in 20 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
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