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Algolia raises $53 million in Series B funding round

The Search-as-a-Service company will use the funding to continue to invest in search innovations

Financial trends and news by Josiah Motley
June 8, 2017 | Comments
Short URL: http://vator.tv/n/49ae

The French startup, Algolia, has just finished their Series B round of funding, closing at $53 million raised. Their first round of funding happened back in May of 2015 with Accel as the leading investor. This time around sees Accel leading again, but brings in some new investors, as well. 

New investors include Jyoti Bansal (founder of AppDynamics), Clark Valberg of InVision, Jason Lemkin's SaaStr fund, and Des Traynor of Intercom. Rejoining from the original round are Alven Capital, Point Nine, and Storm Ventures. With Algolia's annual growth continuing to more than double every year, it's not surprising to see investors, both new and old, looking to invest.

"Developers are increasingly turning to Algolia to create great experiences for their users," says Nate Niparko, a Partner who led the investment from Accel. "Algolia has invested years of research in building their world-class search product, and their customers can leverage this experience to give end-users the same fast, flexible, reliable search that they’d expect from one of the big web platforms. Just as we've seen with Braintree, Segment, or Checkr making complex tasks simple for developers in their respective fields, Algolia has become the go-to option for search."

This funding round comes in right as Algolia passes some pretty big milestones with their search engine API. Just recently the company surpassed 25 billion searches across 8,00 sites and apps, and that's not lifetime, we're talking monthly figures here. Algolia wants to be the answer for a customized, accurate search engine for your website or app and this funding will help the company to continue to innovate and improve on their services.

There's a good chance you might have used a website or app powered by Algolia and not even realized it. Some of the higher profile sites include Medium, Crunchbase, and Twitch. 

"Google has set high expectations for consumer-grade search in the eyes of users, expectations that are impossible to meet even for digital-first businesses. Algolia is the first company that makes it possible for any product team to create fast, relevant and intuitive search for their users," states​ Nicolas Dessaigne, CEO & Co-Founder, Algolia.

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