(Bloomberg) -- Productboard Inc., a product-management software business, has raised $125 million in financing giving it a $1.7 billion valuation.
The investment was led by Dragoneer Investment Group, with Tiger Global as a secondary lead investor. Existing investors, including Sequoia Capital, Bessemer Venture Partners, Kleiner Perkins and Index Ventures, also participated. The valuation is more than double the $772 million that Productboard was valued at in April.
San Francisco-based Productboard sells product-management software to clients including Microsoft Corp., Zoom Video Communications Inc. and UiPath Inc.
Sequoia Capital saw a need for Productboard in the marketplace with the rise of product-management teams, said Andrew Reed, a partner at the firm. “It's become a very core system inside the companies,” he said.
Company founder and Chief Executive Officer Hubert Palan said he was previously a product manager and saw an opportunity to help companies better manage their work flow with “a dedicated system of record.”
The company will use the funding, in part, for geographical expansion, Palan said. “We might look at some acquisitions,” he added.
Palan said that Productboard is aiming to go public “within the next three years.”
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