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Dovetail secures US$63m capital raise
Australian start-up Dovetail Research has completed a US$63 million capital raise, in a move that will fund the “rapid growth and expansion of the company”.
Lauren Croft
Firm: Herbert Smith Freehills (Dovetail Research).
Value: US$63 million.
Area: Venture capital.
Key players: The Herbert Smith Freehills team was led by partner Peter Dunne, co-head of venture capital Claire Thompson and solicitor Mapa Madhawa.
Deal significance: Dovetail Research is an Australian company that helps organisations store, analyse, and collaborate on user research in one place, making it easy to see patterns, discover insights, and decide what to do next. Over 45,000 researchers, designers, and product managers use Dovetail worldwide.
Commenting on the deal, Ms Thompson said: “Dovetail is one of Australia’s fastest growing startups and is revolutionising the way that organisations conduct user research. We were delighted to work with Kanav and Dovetail’s co-founders Benjamin and Bradley on this transaction, which marks another significant milestone for the company.”
Dovetail chief executive and co-founder Benjamin Humphrey added: “I’m proud to say Dovetail is becoming a must-have for many organizations. Through the insights created on our platform, teams can quickly make good decisions based on everything they know about their customers. However, we have only scratched the surface.
“There are many more opportunities to serve unmet needs in this space. With Accel’s partnership and this new capital, I’m excited to continue growing our team to build new functionality and launch new products.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
