New York-based tech startup Stack Overflow has raised $85 million in a Series E round led by Singapore sovereign wealth fund GIC Pte, the software-as-a-service (SaaS) company said Tuesday.
The fresh funding will help accelerate the company’s SaaS business, it said. Its flagship SaaS offering, Stack Overflow for Teams, is used for collaboration, particularly by developers, across corporate teams. The product has doubled its revenue every year since its 2017 launch, the company said in a press release.
Stack Overflow said its product addresses the need to connect employees with a central platform as the pandemic pushes more workers globally into work-from-home arrangements, which is likely to continue even after the COVID-19 era.
“This $85 million in new funding, fueled by the growth of Stack Overflow for Teams, allows Stack Overflow to scale rapidly, to accelerate our transformation into a leading SaaS company, to expand into new markets, and to continue to invest in our public platform,” said Stack Overflow CEO Prashanth Chandrasekar in the statement.
Chandrasekar, who became CEO late last year, will join the company’s board.
New investor Silver Lake Waterman and existing investors Andreessen Horowitz, Index Ventures, Spark Capital, and Union Square Ventures (USV) also participated in the latest funding round, the company said.
That brought the total raised by Stack Overflow to $153 million. Other investors in the company have previously included Bezos Expeditions, Founder Collective, Naval Ravikant, Micah Siegel, Bob Pasker, Dharmesh Shah, SV Angel, Nirav Tolia, Chris Dixon, Joshua Schachter and Caterina Fake, according to Crunchbase data.