Stack Overflow’s SaaS business just got a $85 million boost from GIC, Silver Lake Waterman, Andreessen Horowitz, Index Ventures, Spark Capital, and Union Square Ventures.
The company will use the Series E funding to expand Stack Overflow for Teams, a knowledge management platform that allows developers to collaborate with one another and with other departments. Stack Overflow has raised $153 million in total. GIC, the Singapore government wealth fund, led this round.
Stack Overflow CEO Prashanth Chandrasekar said the company will use the money to expand into new markets and continue to invest in the platform and its community.
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The collaboration and knowledge management platform streamlines developer workflows by providing a shared space for questions and answers. Stack Overflow for Teams allows a company to put all the information about a product in one place, making it easier for teams to collaborate. Microsoft uses the platform and developers at the company highlighted easy onboarding and powerful metadata as the strengths of the system in a video testimonial.
Chris Thomas, managing director at Moody’s Analytics, a customer of Stack Overflow, said in a press release that the platform reduces the repetition of questions internally and eliminates cross-functional silos.
“Stack Overflow for Teams helps us drive more collaboration and innovation at Moody’s Analytics, especially as we’ve gone fully remote,” he said.
The Teams platform includes:
- APIs and integrations with Slack, Jira, and Okta
- Tags and mentions
- Community development
- Reputation points and awards
Stack Overflow for Teams has three tiers with the basic level for $60 per year, a business level for $144, and an enterprise level with custom pricing. The company reports that the platform has more than 200,000 paying customers and has doubled revenue every year since the 2017 launch.
Stack Overflow commissioned a report from Forrester to understand the economic impact of the platform. Forrester interviewed Stack Overflow users and found improved developer flow, better recruiting, and faster application time to market.
The report also found that in the first year of use Stack Overflow customers saved 3,825 hours of developer time by collecting questions and answers in one place.