GIC leads $85m Series E funding in US tech startup Stack Overflow

A GIC signage is pictured during their results announcement in Singapore July 2, 2019. REUTERS/Anshuman Daga

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.