Swiftype, the SaaS startup that delivers powerful search to websites, mobile applications, and SaaS applications, announced today it has raised $13 million in a Series B round of funding led by leading venture capital firm New Enterprise Associates (NEA). The announcement comes just over a year after the Company announced their $7.5 million Series A funding in late 2013. Since Swiftype's Series A, the Company has increased bookings more than 5x and search query volume by 10x. The Series B funding will enable the Company to continue its rapid growth.
As part of the financing, NEA Partner Chetan Puttagunta will join NEA General Partner Jon Sakoda on the Swiftype board.
'We're extremely happy to raise our Series B with NEA,' said Matt Riley, co-founder and CEO of Swiftype. 'Jon and Chetan have been invaluable partners as we've built our business over the past year, and we're excited to have them take such an active interest in growing our company moving forward.'
Swiftype has evolved dramatically over the past two years, developing its product to solve search problems for a broad variety of verticals and platforms. Today the Company counts customers across a diverse range of industries -- from major corporations Qualcomm and Dr. Pepper to technology startups Twitch and CloudFlare. While Swiftype's primary focus up until this point has been refining its core search and product offering, the new funding will help the Company expand sales and marketing efforts while accelerating engineering hiring.
'We've been really impressed with the progress that Swiftype has made over the past year,' said new board member Chetan Puttagunta. 'Matt and Quin have closed some important deals and demonstrated that their product can power search at scale for major enterprises. The kind of explosive adoption they are seeing and their consistent ability to innovate made reinvesting an easy decision.'
Swiftype has now raised more than $20 million in three funding rounds and powers search for hundreds of thousands of websites, mobile applications, and SaaS applications.
ABOUT SWIFTYPE
Swiftype is a hosted search solution that lets site owners deliver powerful, customizable search for their website, mobile application, or SaaS application with just a few lines of code. Built on top of a highly refined search algorithm to deliver superior relevance upon installation, Swiftype also gives site owners the tools to precisely control their search experience and gather detailed analytics about user search behavior. Swiftype was founded in January of 2012 by Matt Riley and Quin Hoxie and is located in San Francisco. For more information, visit swiftype.com.
ABOUT NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions since its founding in 1977. In the U.S., NEA has offices in Menlo Park, CA; Boston, MA; New York, NY; Chicago, IL; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.