How Much Did Dovetail Raise? Funding & Key Investors

Dovetail has successfully raised funds from eight investors, including Blackbird Ventures and Didier Elzinga, through multiple funding rounds. The platform is an AI-driven insights hub that transforms customer feedback into actionable insights.

Keep reading to explore the intricacies of Dovetail's fundraising journey and the investors backing this innovative platform.

What Is Dovetail?

Dovetail, founded on June 1, 2017, is based in Sydney, New South Wales, Australia. The company was established by Bradley Ayers and Benjamin Humphrey.

Specializing in customer insights, Dovetail centralizes and transforms scattered customer feedback into actionable insights, helping enterprises make more customer-centric decisions.

With a team of 101-250 employees, Dovetail continues to innovate in the fields of consumer research, product research, software, and UX design.

How Much Funding Has Dovetail Raised?

1. Series A
   • Amount Raised: $63M
   • Date: January 2022
   • Lead Investors: Accel
   • Valuation at Round: $700M
   • Motivation Behind the Round: To invest in product suites and grow the US market presence.
2. Seed Round
   • Amount Raised: A$5M
   • Date: August 2021
   • Lead Investors: Felicis
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support growth and product development.
3. Seed Round
   • Amount Raised: A$4M
   • Date: February 2020
   • Lead Investors: Blackbird Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand operations and enhance product features.
4. Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: January 2019
   • Lead Investors: Blackbird Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support early-stage growth and development.
5. Grant
   • Amount Raised: A$25K
   • Date: November 2017
   • Lead Investors: Not applicable
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To kickstart initial operations and product development.

Total Amount Raised: $63M + A$9.025M

Current Valuation: $700M

Key Investors

• Accel
  • Details: Accel is a US-based venture capital firm known for investing in early-stage and growth-stage technology companies. They led Dovetail's $63 million Series A funding round.
  • Investment Focus Areas: Technology companies, software, internet, technology-enabled services.
  • Notable Investments: Facebook, Dropbox, Slack.
• Blackbird Ventures
  • Details: Blackbird Ventures is an Australian venture capital firm that invests in technology companies. They have been involved with Dovetail since its early days.
  • Investment Focus Areas: Technology, innovation, early-stage startups in Australia and New Zealand.
  • Notable Investments: Canva, SafetyCulture, Zoox.
• Felicis Ventures
  • Details: Felicis Ventures is a venture capital firm that focuses on early-stage investments. They participated in Dovetail's funding rounds, including the Series A.
  • Investment Focus Areas: Early-stage technology companies, transformative ideas.
  • Notable Investments: Shopify, Fitbit, Credit Karma.
• Grok Ventures
  • Details: Grok Ventures is an investment firm founded by Mike Cannon-Brookes, co-founder of Atlassian. They participated in Dovetail's funding rounds.
  • Investment Focus Areas: Technology, innovation-driven companies.
  • Notable Investments: Atlassian, Canva, Zoox.
• Didier Elzinga
  • Details: Didier Elzinga is the CEO of Culture Amp, a company that provides employee feedback and analytics. He is listed as an investor in Dovetail.
  • Investment Focus Areas: Employee engagement, analytics.
  • Notable Investments: Culture Amp (his own company).

What's Next for Dovetail?

With a fresh infusion of $63 million, Dovetail is poised to expand its product suites and deepen its presence in the US market. The company already serves over 2,600 enterprise customers, including Starbucks and Deloitte, indicating a vast opportunity for growth. The US market, a significant part of its customer base, offers immense potential for further expansion.

Future fundraising rounds seem likely as Dovetail continues to scale, potentially attracting more venture capital to support its ambitious growth plans. However, the company will need to navigate challenges such as competition from other analytics platforms and the complexities of scaling operations while maintaining product quality.

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