Stack Overflow receives $ 85M Series E funding to expand SaaS production
The company’s Product Teams product is used by departments from engineering, product management, data science, and customer support.
The SaaS Stack Overflow business received a $ 85 million direct raise from GIC, Silver Lake Waterman, Andreessen Horowitz, Index Ventures, Spark Capital, and Union Square Ventures.
The company will use Series E funding to expand Stack Overflow for Teams, a knowledge management platform that allows developers to collaborate with each other and with other departments. Stack Overflow has raised a total of $ 153 million. GIC, the wealth fund of the Singapore government, led this tour.
Stack Overflow CEO Prashanth Chandrasekar said the company will use the money to expand into new markets and continue to invest in its platform and community.
SEE: Quick move: DevOps (Premium TechRepublic)
The collaborative and knowledge management platform streamlines developer workflows by providing a shared space for questions and answers. Stack Overflow for Teams allows a company to put all the information about a product in one place, making it easier for teams to collaborate. Microsoft uses the platform and developers at the company identified easy on - board and robust metadata as strengths of the system in video evidence.
Chris Thomas, managing director at Moody's Analytics, a customer of Stack Overflow, said in a press release that the platform reduces internal question repetition and eliminates cross-functional silos .
“Stack Overflow for Teams will help us drive greater collaboration and innovation at Moody’s Analytics, especially as we have become completely isolated,” he said.
The teams' platform includes:
- APIs and integration with Slack, Jira, and Okta
- Tags and references
- Community development
- Reputation points and awards
Stack Overflow has three levels for Teams with the base rate for $ 60 per year, business rate for $ 144, and campaign level with current pricing. The company reports over 200,000 paying customers on the platform and has doubled revenue each year since its 2017 launch.
Stack Overflow commissioned a report from Forrester to understand the economic impact of the platform. Forrester interviewed Stack Overflow users and found better developer flow, better hiring, and faster application time to market.
The report also found that Stack Overflow customers in the first year of use saved 3,825 hours of developer time by collecting questions and answers in one place.