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- Dovetail
Dovetail Valuation, Funding & Investors
Dovetail is valued at $700M as of January 2022.
Last Dovetail valuation
$700M
Series A · Jan 2022
Last Dovetail funding round
$63M
Series A · Jan 2022
Cumulative funding Dovetail raised
$69M
across 3 funding rounds
Key investors in Dovetail
Felicis
Blackbird Ventures
Didier Elzinga
Grok Ventures
Accel
Stewart Butterfield
About Dovetail
Dovetail is a Sydney-headquartered AI-powered insights platform that aggregates customer feedback from surveys, support tickets, and reviews for enterprise analysis. Founded in 2017, it serves clients including Atlassian, Spotify, Starbucks, and The New York Times across San Francisco and Sydney offices. The platform automates theme detection and sentiment analysis on millions of data points to inform product decisions.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$700M (Jan 2022)
Dovetail Valuation
Dovetail is currently valued at $700M, based on its Series A in January 2022.
The $63M round was led by Accel, with participation from Daniel Yanisse, Blackbird Ventures, Felicis, Didier Elzinga, Stewart Butterfield and 2 other investors.
Dovetail's valuation has grown 6.2x from $113M at its seed round in August 2021 to $700M in January 2022, across 2 priced rounds.
Dovetail valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2022 | Series A | $700M |
| Aug 2021 | Seed | $113M |
Dovetail Funding History
Dovetail has raised a total of $69M across 3 funding rounds.
Dovetail's first fundraising round was a $3M seed round in February 2020. The most recent completed round was a $63M Series A in January 2022.
Dovetail funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series A | Accel (lead); Daniel Yanisse; Blackbird Ventures; Felicis; Didier Elzinga; Stewart Butterfield; Vlad Magdalin; Grok Ventures | $63M | $700M | Dovetail is an Australian software company providing a platform for user research, enabling teams to analyze qualitative data from interviews, surveys, and feedback through tagging, transcription analysis, coding, and insight generation. Founded by Benjamin Humphrey, a former Atlassian employee, the company bootstrapped initially, aiming for self-funded growth like Buffer or Basecamp, before raising capital. In January 2022, Dovetail closed a $63 million USD Series A round led by Accel (Rich Wong and Arun Mathew), with participation from existing investors Blackbird Ventures, Felicis Ventures, Grok Ventures, and Didier Elzinga (Culture Amp), plus new angels including Vlad Magdalin (Webflow CEO), Stewart Butterfield (Slack CEO), and Daniel Yanisse (Checkr CEO). This brought total funding to over $70 million USD, with the post-money valuation described as north of $700 million USD. Prior rounds included a February 2020 seed of AU$4 million at close to AU$30 million valuation and an August 2021 raise of AU$5 million at over AU$150 million valuation. At the time of the Series A, Dovetail had a team of 65 people across Sydney and San Francisco offices, serving more than 2,600 customers. The company had burned only half of its prior fundraising, indicating efficient capital use and profitability-ish operations prior to the round. Funds were intended to accelerate product development in customer research, including upcoming releases to advance its mission. The investment highlighted Dovetail's strong market position in the emerging qualitative analysis category, positioning it as a late-stage Series A despite limited prior VC funding. |
| Aug 2021 | Seed | Felicis (lead); Blackbird Ventures; Didier Elzinga; Grok Ventures | $4M | $113M | Dovetail is an Australian customer analytics and user research platform founded in 2017 by Benjamin Humphrey and Bradley Ayers, initially as a side project at Atlassian. The cloud-based tool helps teams analyze customer research by collating data, identifying trends, and generating shareable insights. In August 2021, it raised A$5 million (about $3.67 million USD) in a second seed round led by Felicis Ventures, with participation from Blackbird Ventures, Grok Ventures, and Didier Elzinga. The funding supported growth in its customer research repository for enterprise clients like Atlassian and Canva. Prior to this, Dovetail completed a AU$4 million seed round in February 2020 led by Blackbird Ventures at a valuation close to AU$30 million. The company bootstrapped initially with minimal prior capital, achieving strong market position evidenced by high valuations in subsequent raises. By its January 2022 Series A of $63 million led by Accel, post-money valuation exceeded $700 million, with total funding reaching $71 million and over 2,600 customers. |
| Feb 2020 | Seed | Blackbird Ventures (lead); Felicis; Didier Elzinga | $3M | - | Dovetail raised a $4M seed round in early 2020 led by Blackbird Ventures, with participation from Felicis Ventures and Culture Amp co-founder Didier Elzinga. The company provides a platform for researchers, designers, and product managers to analyze unstructured user research data such as interview transcripts, usability testing notes, and survey responses. Founded in 2017, Dovetail had grown to an 11-person team serving hundreds of customers worldwide without prior external investment, sales, or paid marketing. The funding supports rapid team expansion, advisor network access, and product development throughout 2020, including enhancements to analysis workflows, highlighting, segmentation, tag management, boards, and charts. New features planned encompass video, audio, and image support, automation for faster analysis, and improved segmentation and charts for pattern discovery. Dovetail positions itself as an accessible research repository alternative to custom internal solutions built by companies like Uber, WeWork, and Microsoft. |
Who has invested in Dovetail?
8 investors have backed Dovetail across its funding rounds, including Felicis, Blackbird Ventures, Didier Elzinga, Grok Ventures, Accel and Stewart Butterfield.
Lead investors include Accel, Felicis and Blackbird Ventures.
Dovetail Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2020 | ||
| 3 | Lead | Feb 2020 | ||
| 3 | Participant | Feb 2020 | ||
| 2 | Participant | Aug 2021 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Participant | Jan 2022 | ||
This data is available for Pro users. Sign up to see all 8 Dovetail investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by Dovetail
Dovetail has invested in 2 companies to date.
Latest investment by Dovetail was on October 6th 2025. Dovetail invested in EcoEx in their $4M Seed round.
Latest Investments by Dovetail
| Description | EcoEx is a tech platform that streamlines waste collection, recycling, and disposal for households and businesses in India. It connects users to certified waste collectors via a mobile app, enabling scheduled pickups and real-time tracking in cities like Mumbai and Delhi. The company processes over 1,000 tons of waste monthly through partnerships with municipal corporations and recyclers. EcoEx also offers zero-waste audits and corporate sustainability reporting tools. Founded in 2019 and headquartered in Mumbai, it operates in multiple states to reduce landfill dependency. | Flam is an AI-driven mixed reality publishing platform that enables rapid creation and deployment of immersive AR experiences from static content like print, OOH ads, and videos. Operating from Bengaluru, India, it equips marketers with tools to embed interactive 3D elements, scanned via mobile apps, enhancing engagement for advertising and publishing clients globally. |
| HQ Country | ||
| HQ City | New Delhi | Bangalore |
| Deal Date | 6 Oct 2025 | 13 May 2025 |
| Round | Seed | Series A |
| Raised | $4M | $14M |
| Investors | Narnolia; NavCapital | RTP Global |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Dovetail investments and their VC round multiples. Start Free Trial | ||
Dovetail Competitors
Dovetail competitors include listed companies like Reconova Technologies and PKSHA Technology, and private ones like 7AI, Exodigo, GumGum and Hebbia.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Private | $25M | - | $700M | 28.0x | ||
| Private | $113M | - | $700M | 6.2x | ||
| Private | $13M | - | $700M | 53.8x | ||
| Publicly listed | $66M | ($8M) | $635M | - | ||
| Publicly listed | $140M | $47M | $627M | 2.4x |
Dovetail Public Comps
Dovetail is still privately-owned, but its public comps include Reconova Technologies, PKSHA Technology, ExaWizards, Beijing CTJ Info Tech, Beijing Hanyi Innovation, Rezolve AI, Rackspace, Appier Group, Ropeok Technology Group and Datasection.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $66M | ($8M) | 10.0x | - | (82.0x) | - | |||
| $140M | $47M | 4.1x | 2.4x | 12.2x | 10.7x | |||
| $77M | $13M | 6.6x | 5.7x | 39.3x | - | |||
| $123M | $13M | 5.3x | 4.9x | 51.3x | 34.6x | |||
| $28M | $5M | 15.6x | 13.9x | 89.9x | 50.9x | |||
| $47M | ($109M) | 23.3x | 4.0x | (10.0x) | (19.3x) | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.1x | 15.0x | |||
| $281M | $44M | 3.4x | 2.9x | 21.6x | 15.7x | |||
This data is available for Pro users. Sign up to see all Dovetail competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Dovetail
| When was Dovetail founded? | Dovetail was founded in 2017. |
| Where is Dovetail headquartered? | Dovetail is headquartered in Sydney, Australia. |
| Is Dovetail publicly listed? | No, Dovetail is a private, VC-backed company. |
| What is Dovetail's valuation? | Dovetail was last valued at $700M in its Series A in January 2022. |
| How much funding has Dovetail raised? | Dovetail has raised $69M across 3 funding rounds. |
| What was Dovetail's last funding round? | Dovetail's last funding round was a $63M Series A in January 2022, led by Accel. |
| Who are Dovetail's investors? | Dovetail's investors include Blackbird Ventures, Felicis, Didier Elzinga, Grok Ventures, Daniel Yanisse, Stewart Butterfield, Vlad Magdalin and Accel. |
| Which companies are comparable to Dovetail? | Companies comparable to Dovetail include 7AI, Exodigo, GumGum, Hebbia, Reconova Technologies and PKSHA Technology. |
| How many companies has Dovetail invested in? | Dovetail has invested in 2 companies, including EcoEx and Flam. |
| What was Dovetail's last investment? | In October 2025, Dovetail invested in EcoEx's $4M seed round alongside Narnolia and NavCapital. |
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