- Companies
- Ada
Last Ada valuation
$1.2B
Series C · May 2021
Last Ada funding round
$130M
Series C · May 2021
Cumulative funding Ada raised
$191M
across 4 funding rounds
Key investors in Ada
Bessemer Venture Partners
Version One Ventures
FirstMark
Burst Capital
Accel
Leaders Fund
About Ada
Ada is a Toronto-headquartered AI platform for customer service automation founded in 2016. Its no-code chatbot builder deploys across web, mobile, and messaging channels using natural language processing to handle inquiries in multiple languages. The tool integrates with Zendesk, Intercom, and Shopify, reducing support tickets for enterprises like Air Canada and KLM.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.2B (May 2021)
Ada Valuation
Ada is currently valued at $1.2B, based on its Series C in May 2021.
The $130M round was led by Spark Capital, with participation from Burst Capital, FirstMark, Giant Ventures, Bessemer Venture Partners, Tiger Global and 2 other investors.
Ada valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2021 | Series C | $1.2B |
Ada Funding History
Ada has raised a total of $191M across 4 funding rounds.
Ada's first fundraising round was a $3M seed round in July 2017. The most recent completed round was a $130M Series C in May 2021.
Ada funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series C | Spark Capital (lead); Burst Capital; FirstMark; Giant Ventures; Bessemer Venture Partners; Tiger Global; Version One Ventures; Accel | $130M | $1.2B | Ada is a Toronto-based AI-powered customer support software startup that created the Automated Customer Experience (ACX) category. The company provides a no-code platform that enables enterprises to automate customer interactions across sales and support using AI-driven chatbots, allowing customers to handle tasks like package returns and flight itinerary changes without technical implementation skills. Ada serves major clients including Facebook, Zoom, and Wattpad. In May 2021, Ada raised $130 million USD in Series C financing at a post-money valuation of $1.2 billion, earning the company rare Canadian unicorn status. The round was led by Spark Capital with participation from Tiger Global Management, and included follow-on investments from existing backers Accel, Bessemer Venture Partners, FirstMark Capital, Version One Ventures, and Burst Capital, bringing total funding to $200 million. The financing came on the heels of Ada's record growth year, during which the company automated more than 1.5 billion customer interactions for hundreds of brands in 2020. Ada planned to use the capital for global expansion, growing its team to over 500 people, and investing in research and development, with specific plans to double staff to 250 by year-end 2021. The funding announcement followed the company's largest product launch to date, Ada Engage, which spans the full customer journey from pre-sales to support. |
| Mar 2020 | Series B | Accel (lead); Leaders Fund; Burst Capital; FirstMark; Bessemer Venture Partners; Ramen Ventures; Version One Ventures | $44M | - | Ada is a Toronto-based AI-powered customer service chatbot platform specializing in Automated Customer Experience (ACX), enabling businesses to handle personalized conversations at scale. Customers including AirAsia, Mailchimp, Shopify, Telus, Upwork, and Zoom use Ada's no-code drag-and-drop interface to automate support, reducing costs and boosting satisfaction across over 30 million annual conversations. The platform outperforms competitors by 14% in accuracy and predictability, cutting wait times up to 98%, resolving over 70% of inquiries instantly, and achieving 90% customer satisfaction scores. On March 19, 2020, Ada closed a $44 million USD Series B funding round led by Accel, with participation from existing investors Bessemer Venture Partners, FirstMark, Version One Ventures, Leaders Fund, and Burst Capital. This brought total funding to over $60 million since 2014 inception, more than tripling the prior Series A from December 2018. The company declined to disclose the valuation. Funds were allocated to scale the platform, deepen AI capabilities, expand functionality across business silos, support global growth (with 30% of business already outside North America), and accelerate machine learning features amid doubled automation rates. Ada's founders, Mike Murchison and David Hariri, developed the product from personal experience scaling customer support at a prior company. Investors like Accel's Ben Fletcher highlighted Ada's real business value in a crowded chatbot market, emphasizing its no-code empowerment for non-technical users, rapid implementation, and strong metrics. By Series C in 2021, Ada raised $130 million at $1.2 billion valuation led by Spark Capital with Tiger Global, but no metrics from that round apply here. |
| Dec 2018 | Series A | FirstMark (lead); Leaders Fund; Burst Capital; Bessemer Venture Partners; Version One Ventures; Barney Pell | $14M | - | - |
| Jul 2017 | Seed | Bessemer Venture Partners (lead); Two Small Fish Ventures; Version One Ventures | $3M | - | Ada Support, a Toronto-based startup, emerged from stealth on July 20, 2017, launching an automated chat platform powered by proprietary AI technology. The platform provides automated responses to inbound customer support requests, reducing time on repetitive questions by 70 percent and enabling 24/7 support. At launch, Ada automated answers to over 2 million customer questions monthly for clients including Shopify, Coinbase, Telus, and Medium, answering 40 questions per minute with 30 percent month-over-month volume growth. Ada raised $2.5 million in initial seed funding led by Bessemer Venture Partners, with participation from Version One Ventures. The funding supports business growth and product development. Shopify used Ada to manage over 3,000 unique conversations and 6,000 questions, with only 190 handoffs to human agents. |
Who has invested in Ada?
12 investors have backed Ada across its funding rounds, including Bessemer Venture Partners, Version One Ventures, FirstMark, Burst Capital, Accel and Leaders Fund.
Lead investors include Spark Capital, Accel, FirstMark and Bessemer Venture Partners.
Ada Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jul 2017 | ||
| 4 | Participant | Jul 2017 | ||
| 3 | Participant | Dec 2018 | ||
| 3 | Lead | Dec 2018 | ||
| 2 | Participant | Dec 2018 | ||
| 2 | Lead | Mar 2020 | ||
| 1 | Lead | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Mar 2020 | ||
| 1 | Participant | May 2021 | ||
This data is available for Pro users. Sign up to see all 12 Ada investors. Start Free Trial | ||||
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Start Free TrialAda Competitors
Ada competitors include listed companies like SoundHound and iFlytek, and private ones like Sendbird, Kakao Enterprise, Glow and iCarbonX.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $169M | $19M | $2.7B | 11.3x | ||
| Publicly listed | $4B | $465M | $14B | 3.4x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - |
Ada Public Comps
Ada is still privately-owned, but its public comps include Teamviewer, Optasia, Arcs Co, BigBear.ai, iFLYHealth, Extreme Vision, Appier Group, Rackspace, PCITECH and Rezolve AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $860M | $310M | 2.5x | 2.5x | 7.0x | 5.9x | |||
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
| $4B | $185M | 0.2x | 0.2x | 4.8x | 4.9x | |||
| $128M | ($295M) | 8.3x | 7.6x | (3.6x) | (27.8x) | |||
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $44M | ($6M) | 22.8x | 11.6x | (163.7x) | - | |||
| $281M | $44M | 3.4x | 2.9x | 21.6x | 15.7x | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.1x | 15.0x | |||
This data is available for Pro users. Sign up to see all Ada competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ada
| When was Ada founded? | Ada was founded in 2016. |
| Where is Ada headquartered? | Ada is headquartered in Toronto, Canada. |
| Is Ada publicly listed? | No, Ada is a private, VC-backed company. |
| What is Ada's valuation? | Ada was last valued at $1.2B in its Series C in May 2021. |
| How much funding has Ada raised? | Ada has raised $191M across 4 funding rounds. |
| What was Ada's last funding round? | Ada's last funding round was a $130M Series C in May 2021, led by Spark Capital. |
| Who are Ada's investors? | Ada's investors include Bessemer Venture Partners, Version One Ventures, Burst Capital, FirstMark, Leaders Fund, Accel, Spark Capital, Giant Ventures, Ramen Ventures, Tiger Global and 2 others. |
| Which companies are comparable to Ada? | Companies comparable to Ada include Sendbird, Kakao Enterprise, SoundHound, iFlytek, Glow and iCarbonX. |
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