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Algolia, one of the group of startups that provides search as a service for websites and apps as an alternative to Google and other search engines, is announcing a major round of funding today to fuel its growth. The startup — which already has over 8,000 customers, including big names like Twitch, Slack, Discovery and LVMH — has closed a Series C of $110 million, money that it plans to invest in R&D around its search technology, including doubling down on voice, and further global expansion in Europe, North America and Asia Pacific.
This Series C is being led by Accel, with other investors in this round including Salesforce Ventures (along with others that are not being named).
Funding - Time - Growth - Algolia - Premise
The funding is coming at a time of strong growth for Algolia, whose basic premise — to offer an easy-to-use, API based search service for businesses, as a way to buy in tech rather than build from the ground up — has seen a lot of traction. It was already active in the various reigons where it plans to grow: Founded originally in France, Algolia is now based out of San Francisco and has been in Asia since 2014, most recently doubling down on business in Japan, and when it last raised money in June 2017, it had only 3,000 customers.
Algolia had raised $74 million prior to this, with previous investors including Accel, Point Nine Capital, Storm Ventures, Y Combinator, 500 Startups and a number of individuals among others.
Algolia - Valuation - Prospects - Enterprise - Search
While Algolia is not disclosing its valuation, the prospects for building a big, enterprise focused search business are there. And as a point of comparison, consider the enterprise search company Elastic, which went public in 2018 and now has a market cap of some $6.7 billion after being valued at a mere $700 million when it...
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