Productboard raises $72M Series C to help every product organization get the right products to market, faster
Today we’ve announced that Productboard has raised $72M in Series C funding led by Tiger Global with participation from existing investors Index Ventures, Kleiner Perkins, Sequoia Capital, and Bessemer Venture Partners! The funding will accelerate Productboard’s growth as it continues to lead the category of dedicated product management systems. Productboard will continue enhancing core product functionality, provide new capabilities for its enterprise customers, and continue to scale its teams and customer base globally.
In 2021, every product organization needs a product management system
Today’s most valuable companies are product-led and customer-centric. They owe their success to a unified product vision, informed by feedback from customers, prospects, and colleagues. They ship products that satisfy real customer needs based on feedback and data, not opinions or assumptions. And they get features right the first time without requiring costly iterations or delayed releases. While their competitors miss opportunities, they have the right product systems in place to identify and capitalize on them. Sales, support, and customer success finally feel heard as the feedback they relay to the product organization is used to inform every prioritization and design decision.
“1 in 3 product organizations still lack a systematic process for capturing and analyzing product feedback from colleagues and customers.”
Top-performing product organizations have another thing in common. They’re the ones that have successfully replaced reactive decision-making with a coherent strategy for achieving their product vision. They’re confident that what they’re building is their best bet for driving long-term revenue and growth for the business. They have graduated from hoping that all product teams are shipping valuable features to ensuring that product teams prioritize the features best aligned with the product strategy. And they’ve done so by getting product managers out of their individual spreadsheets and implementing a standardized prioritization system across all product teams.
“Teams that have a clear product vision, strategy, and objectives are 55% more likely to believe that product innovation drives revenue at their companies.”
The best product leaders don’t just lead the product. They lead the entire organization with inspiring product roadmaps that align stakeholders around where the product (and company) are headed next. To do so requires breaking down the black box of product management decision-making, providing transparency to the whole organization. This drives alignment, cross-functional collaboration, and trust between product teams and colleagues on the frontlines of the business. It reduces the risk of missed dependencies and costly communication lapses — a risk that has multiplied in the remote work era. Everyone at the company understands the product priorities and their own role in bringing the product vision to life. And by validating product plans and ideas with customers on a continuous basis, product organizations accelerate product discovery and delivery, all while investing customers in the product roadmap.
“All of these best practices of today’s high-functioning product organizations require replacing the old informal approach to product management — spanning tens of different tools, not optimized to support core product management use cases — with a dedicated system of record for product management.”
Productboard is positioned to continue leading the category of product management systems
Productboard is uniquely positioned to serve the needs of modern product organizations with its dedicated product management platform. Just as sales organizations ditched spreadsheets and databases for CRMs several decades ago, modern product organizations are adopting dedicated product management systems. These systems, like Productboard, inform the most important decisions their companies make — what should product teams build next, and why?
Productboard leads this new market category, serving 4,000+ companies, including iconic brands like Microsoft, Disney, UiPath, and Zoom. We’re doing so by addressing the core needs of modern product organizations in a way that is unlike any other product on the market today.
“Now with Productboard, we have a single source of truth for product management. We managed to turn a black box into an open box.”
Digital transformation & remote work are accelerating demand for product management systems
In 2020, we saw digital transformation accelerate across all industries, leading to an uptick in adoption of Productboard from both digital-first and digital transformation companies. With the abrupt shift to remote work and shutdowns across the world, companies were forced to evolve overnight to serve their customers in new ways. Entire business models have been upended, and it’s the product-led and customer-centric companies that have been most successful in growing revenue and de-risking their go-to-market strategies in light of these headwinds.
In our current economy, digital experience is the single most important competitive advantage a company can sustain, and with Productboard, entire product organizations can consolidate customer insights and identify trends to help them prioritize the right products and features based on what’s most important to the business.
Launching the next phase of Productboard’s growth
Productboard has ambitious plans for 2021. We’ll be using this round of funding to enhance the functionality of our platform to help serve the needs of our rapidly growing enterprise customer base and scale our partner ecosystem. We’ll also be expanding our global presence by opening a new office in Dublin and growing our Vancouver team. Finally, we have plans to hire an additional 100+ employees in 2021 after more than doubling our team in the last 12 months.
Join our team of product dreamers and visionaries
This wouldn’t be possible without the support we’ve received from our community. We want to extend a sincere thank you to our customers, investors, partners, and employees for being there every step of the way. As we continue on our journey, we’ll be seeking more great makers and doers to join our team of product dreamers and visionaries. If you know anyone who’d fit right in, or if you’re looking for a new opportunity in San Francisco, Prague, Vancouver, or your remote office, stop by our careers page to learn more. We’d love to hear from you!