Dovetail (company)

Last updated
Dovetail
Company type Private
Industry Software
Founded2017;7 years ago (2017)
FoundersBenjamin Humphrey, Bradley Ayers
Headquarters Sydney, Australia
Website dovetail.com

Dovetail is an Australian software company. [1] [2]

Users create tags to perform transcription analysis and coding interpretation of interviews, survey responses and feedback, and create summarized insights from their research analysis. [3] [4] [ clarification needed ]

Contents

In August 2021, Dovetail raised AU$5 million at a reported valuation of "more than AU$150 million"; raising its valuation fivefold from its prior fundraising round in 2020. [5] [6] Dovetail raised further Series A funding of US$63 million, led by Accel in January 2022. [7]

History

The company was founded in 2017 in Sydney, Australia by Benjamin Humphrey and Bradley Ayers. [1] Both had worked at software company Atlassian, and Humphrey claims he started Dovetail based on his experience working with researchers at the company. [1] [8] [9]

Prior to the company's founding, Humphrey worked on the idea in his spare time, outsourcing the product's development and financing it with a AU$10,000 credit card debt. [1] In 2017 he convinced Ayers to leave his role at Atlassian and join as co-founder. [1] [10] [11]

In November 2017, Dovetail was awarded the AU$25,000 minimum viable product grant from the New South Wales Department of Industry Jobs for NSW program. [12] [11] The grant was awarded to fund investment in automatic sentiment analysis features. [13]

In February 2020, Dovetail announced a AU$4 million seed fundraising round led by Blackbird Ventures, with participation from Felicis Ventures and Culture Amp's CEO and co-founder Didier Elzinga to accelerate revenue growth. [1] [10] This raise reportedly valued Dovetail at "close to AU$30 million". [6]

In August 2021, Dovetail announced that it had raised AU$5 million from existing investors Blackbird Ventures, Felicis Ventures, along with participation from Mike Cannon-Brookes' investment vehicle, Grok Ventures. [5] [6] [4]

In January 2022, Dovetail announced it had raised a US$63 million Series A led by Accel. [7] [14] New investors also included Webflow CEO and co-founder Vlad Magdalin, CEO and co-founder of Checkr, Daniel Yanisse, and CEO and co-founder of Slack, Stewart Butterfield. [15]

In 2023, Dovetail's headquarters moved to a new office spanning 4,300 square metres over four levels located on Sydney's historic Oxford Street. [16] [17] In January 2024, Ayers left the company after stepping down to an engineering role in the previous year. [18]

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References

  1. 1 2 3 4 5 6 Redrup, Yolanda (16 February 2020). "Former Atlassian techies raise $4m to go it alone" . Australian Financial Review . Retrieved 7 March 2020.
  2. ↑ Waters, Cara (3 August 2020). "Atlassian alumni launch next generation of startups". Sydney Morning Herald . Retrieved 3 August 2020.
  3. ↑ Li, Jennifer (6 April 2021). "The Market for User Research Platforms". Andreessen Horowitz . Retrieved 7 April 2021.
  4. 1 2 Palmer-Derrien, Stephanie (10 August 2021). "Dovetail bags $5 million in funding from cohort of influential Aussie leaders". SmartCompany. Retrieved 10 August 2021.
  5. 1 2 Waters, Cara (10 August 2021). "'Similar DNA to Canva, Atlassian': Buzz builds around customer feedback startup Dovetail". Sydney Morning Herald . Retrieved 10 August 2021.
  6. 1 2 3 Duran, Paulina (6 August 2021). "Australian startup Dovetail set for expansion as valuation hits $100 mln". Reuters . Retrieved 10 August 2021.
  7. 1 2 Wilhelm, Alex (19 January 2022). "Dovetail raises $63M to grow its researcher-focused software business". TechCrunch. Retrieved 19 January 2022.
  8. ↑ Gillezeau, Natasha (1 February 2021). "At best, Australians are lukewarm on Bing" . Australian Financial Review . Retrieved 4 February 2021.
  9. ↑ Gillezeau, Natasha (30 November 2020). "The quietly rising power of product managers" . Australian Financial Review . Retrieved 30 November 2020.
  10. 1 2 Palmer-Derrien, Stephanie (18 February 2020). "Atlassian alumni bag $4 million for new SaaS startup, including from Culture Amp chief Didier Elzinga". SmartCompany. Retrieved 7 March 2020.
  11. 1 2 Harkness, James (29 November 2017). "Dovetail's founders built their tech startup on the cultural values of ex-employer Atlassian". Dynamic Business. Retrieved 7 March 2020.
  12. ↑ "Ex Atlassians take flight with Dovetail" (Press release). NSW Department of Industry. 23 November 2017. Retrieved 7 March 2020.
  13. ↑ Humphrey, Benjamin; Ayers, Bradley (14 November 2017). "Dovetail awarded Jobs for NSW startup grant to fund automated analysis feature". Dovetail. Retrieved 7 March 2020.
  14. ↑ "Our Series A in Dovetail: The Foundational Layer for Customer Research". Accel . Retrieved 13 August 2022.
  15. ↑ "Announcing our $63M Series A, led by Accel". Dovetail. 20 January 2022. Retrieved 13 August 2022.
  16. ↑ Lam, Joseph (11 August 2022). "Sydney's Oxford St revamp lands first tenants Lune Croissanterie, Dovetail" . The Australian . Retrieved 13 August 2022.
  17. ↑ Nicholls, Stephen (11 August 2022). "TOGA's Oxford & Foley project to be Sydney home of world-famous Lune Croissanterie". news.com.au . Retrieved 13 August 2022.
  18. ↑ Thompson, Sarah; Sood, Kanika; Rapaport, Emma (2024-01-23). "Co-founder exits at $960m start-up Dovetail". Australian Financial Review. Retrieved 2024-01-28.
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