- Companies
- Primer
Primer Funding, Investors & Competitors
Primer has raised $237M across 5 funding rounds, most recently a $69M Series D in June 2023.
Last Primer funding round
$69M
Series D · Jun 2023
Cumulative funding Primer raised
$237M
across 5 funding rounds
Key investors in Primer
Lux Capital
Amplify Partners
IQT
DCVC
Crosslink Capital
Bloomberg Beta
Addition
S32
About Primer
Primer is a New York-based AI company extracting insights from unstructured text data in multiple languages for enterprises in finance, legal, and defense. Founded in 2015, its platform processes millions of documents using NLP models, serving clients like Goldman Sachs and U.S. government agencies with custom entity recognition and summarization.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
Primer Funding History
Primer has raised a total of $237M across 5 funding rounds.
Primer's first fundraising round was a $15M Series A in October 2017. The most recent completed round was a $69M Series D in June 2023.
Primer funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2023 | Series D | Addition (lead); US Innovative Technology Fund; Angel Collective Opportunity Fund | $69M | Primer is a unified infrastructure platform for global payments and commerce, enabling merchants to optimize performance, build payment flows, and capture revenue through tools like Observability Pro, UpliftAI, and Network Tokenization. In 2023, the company reported exponential growth in key metrics including total payment volume (TPV), payments processed, and new merchants onboarded, with robust revenue growth surpassing 2022 figures and diversification across industries and geographies, particularly in APAC and North America. Payment authorization rates improved by 10% year-over-year, and Black Friday 2023 marked their biggest day without incidents. The platform expanded with new payment methods, fraud prevention providers, and PSP integrations like FatZebra and EveryPay. Primer continued ecosystem expansion in 2023 with connections to major PSPs. |
| Jun 2021 | Series C | Addition (lead); Bloomberg Beta; Lux Capital; S32; Borromin; Sands Capital Ventures; Amplify Partners; J2 Ventures; DCVC; Avalon Ventures; Crumpton Ventures; IQT | $110M | Primer is a natural language processing (NLP) company specializing in industrial-grade AI solutions for mission-critical applications in government, defense, intelligence, finance, and healthcare sectors. It serves U.S. government agencies, Fortune 50 companies like Microsoft and Palantir, and other organizations worldwide, with integrations into Microsoft Azure and Palantir platforms to enhance operational AI for national security and commercial needs. The company announced a $110 million Series C funding round on June 22, 2021, led by Addition (with Lee Fixel joining the board), featuring new investors Steadfast Capital, Sands Capital Ventures, J2 Ventures, Crumpton Ventures, and participation from existing backers including Lux Capital, DCVC, Amplify Partners, Section 32, Bloomberg Beta, and Avalon Ventures. The funding aims to accelerate product development, international expansion with new offices in London and Singapore, hiring efforts globally, and strategic alliances to address the growing NLP market. Primer's technology excels in tasks like information extraction, document classification, summarization, and named entity recognition, outperforming competitors by 42% in some benchmarks. In 2020, the company reported significant revenue and ARR growth, driven by multiple million-dollar contracts including its first $10M+ deal, reflecting strong traction amid global challenges. Primer positions itself as a leader in deploying human-level NLP performance across industries, leveraging larger language models. The investment supports Primer's evolution from its 2015 founding into a key player for high-stakes AI applications, with over $160M total funding raised by 2022 including acquisitions like LightTag and Yonder. |
| Feb 2020 | Seed | - | $3M | Primer is a London-based fintech startup founded in January 2020 by ex-PayPal employees Paul Anthony and Gabriel LeRoux, providing low-code payments infrastructure and an online checkout API to help e-commerce merchants consolidate and manage their payments ecosystem. The company offers a single payments API for greater transparency and support for new payment methods, targeting mid-market and enterprise merchants globally without handling money directly. Primer raised an $18.7 million Series A round on November 29, 2020, led by Accel, with participation from existing investors Balderton Capital, Speedinvest, Seedcamp, and new investor RTP Global, bringing total funding to $23.7 million. The round followed a seed in May 2020 and was unexpected as the company focused on product launch and merchant workshops. Funds were allocated to hiring over 50 people, international business development in Europe and Southeast Asia, and expanding remote-first engineering teams. At the time, Primer had 23 employees across six countries and early traction with merchants across Europe. The company later raised a $50 million Series B in October 2021 at a $425 million valuation led by ICONIQ Growth, with prior investors participating, and grew to over 70 employees across 20 countries. |
| Nov 2018 | Series B | Lux Capital (lead); Avalon; Bloomberg Beta; S32; AME Cloud Ventures; Jason Franklin; Amplify Partners; Mubadala; Crosslink Capital; IQT | $40M | Primer is a fintech company providing unified infrastructure for global payments and commerce, enabling merchants to optimize performance, build rapidly, and capture revenue through tools offering freedom and visibility in the payments ecosystem. Founded around 2017-2020, it operates primarily out of London, UK, in the financial services and payment processing sector, competing with entities in e-commerce, digital payments, and payment gateways. In November 2018, Primer raised a $40 million Series B round led by Lux Capital, with participation from AME Cloud Ventures, Amplify Partners, Avalon Ventures, Bloomberg Beta, Crosslink Capital, In-Q-Tel (IQT), Jason Franklin, Mubadala Capital Ventures, and Section 32 (S32), matching the specified investors. This followed an earlier $14.7 million Series Unknown round in October 2017. Subsequent rounds included a $3.3 million raise in February 2020 and a $110 million Series C in June 2021 with some overlapping and additional investors like Addition, Data Collective, Steadfast Capital, J2 Ventures, Crumpton Ventures, and Sands Capital Ventures. Primer's traction includes reported employee growth to 176-255 people, serving 40,000 users, with focus on payment optimization for high-growth merchants. Total funding reached at least $76M-$110M across rounds by 2021. |
| Oct 2017 | Series A | DCVC (lead); Lux Capital; Amplify Partners; Crosslink Capital; IQT | $15M | - |
Who has invested in Primer?
19 investors have backed Primer across its funding rounds, including Lux Capital, Amplify Partners, IQT, DCVC, Crosslink Capital and Bloomberg Beta.
Lead investors include Addition, Lux Capital and DCVC.
Primer Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Oct 2017 | ||
| 3 | Participant | Oct 2017 | ||
| 3 | Participant | Oct 2017 | ||
| 2 | Participant | Nov 2018 | ||
| 2 | Participant | Nov 2018 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Lead | Oct 2017 | ||
| 2 | Participant | Oct 2017 | ||
| 1 | Participant | Nov 2018 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Nov 2018 | ||
| 1 | Participant | Jun 2023 | ||
This data is available for Pro users. Sign up to see all 19 Primer investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Primer
Primer has acquired 2 companies to date.
Last acquisition by Primer was on June 7th 2022. Primer acquired Yonder for undisclosed valuation.
Latest Acquisitions by Primer
| Description | Yonder is a San Francisco-based AI company developing tools to add cultural and contextual layers to online information. The platform analyzes content across social media and news sites to detect misinformation, fake accounts, and biases, promoting authentic internet interactions. Yonder employs natural language processing to verify sources and provide transparency scores for articles and posts. It integrates with browsers and apps to deliver verified feeds, combating disinformation through partnerships with journalism organizations. | LightTag is a managed annotation platform for data scientists building AI models. It facilitates team-based labeling with automatic task allocation, aggregation views per annotator, daily backups, and redundant server clusters ensuring high availability. |
| HQ Country | ||
| HQ City | Austin, TX | Berlin |
| Deal Date | 7 Jun 2022 | 16 Feb 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Primer acquisitions and their M&A valuation multiples. Start Free Trial | ||
Primer Competitors
Primer competitors include listed companies like Presight AI, Appen and User Local, and private ones like ThoughtSpot, Dataminr and Dataiku.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $825M | $214M | $5.7B | 5.4x | ||
| Private | $150M | - | $4.2B | 28.0x | ||
| Private | $200M | - | $4.1B | 20.5x | ||
| Private | $150M | - | $3.7B | 24.7x | ||
| Publicly listed | $231M | $9M | $199M | 0.6x | ||
| Publicly listed | $34M | $15M | $156M | 2.8x |
Primer Public Comps
Primer is still privately-owned, but its public comps include Palantir, ServiceNow, Snowflake, Datadog, RELX, Strategy, Z.ai, Verisk Analytics, Fair Isaac and Wolters Kluwer.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $13B | $2.6B | 11.1x | 9.6x | 57.2x | 25.0x | |||
| $4.7B | ($1.3B) | 25.6x | 21.0x | (94.1x) | 121.7x | |||
| $3.4B | ($588K) | 23.6x | 19.4x | (137813.0x) | 77.6x | |||
| $13B | $4.9B | 5.5x | 5.3x | 14.4x | 13.2x | |||
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
| $108M | ($658M) | 422.9x | 65.9x | (69.4x) | (73.0x) | |||
| $3.1B | $1.7B | 8.8x | 8.5x | 16.2x | 15.1x | |||
This data is available for Pro users. Sign up to see all Primer competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Primer
| When was Primer founded? | Primer was founded in 2015. |
| Where is Primer headquartered? | Primer is headquartered in San Francisco, CA, United States. |
| Is Primer publicly listed? | No, Primer is a private, VC-backed company. |
| How much funding has Primer raised? | Primer has raised $237M across 5 funding rounds. |
| What was Primer's last funding round? | Primer's last funding round was a $69M Series D in June 2023, led by Addition. |
| Who are Primer's investors? | Primer's investors include Lux Capital, Amplify Partners, IQT, Bloomberg Beta, S32, Addition, DCVC, Crosslink Capital, Avalon, Borromin and 9 others. |
| Which companies are comparable to Primer? | Companies comparable to Primer include Presight AI, ThoughtSpot, Dataminr, Dataiku, Appen and User Local. |
| How many companies has Primer acquired? | Primer has acquired 2 companies, including Yonder and LightTag. |
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