Stack Overflow, an NYC startup that hosts one of the most popular Q&A sites for coders in the world, announced Tuesday it closed on an $85 million Series E round, bringing its total funding raised to more than $153 million.
This investment was led by GIC, with participation from new investor Silver Lake Waterman and previous investors Andreessen Horowitz, Index Ventures, Spark Capital and Union Square Ventures. Stack Overflow says the money will be used to focus on its Teams feature, which helps businesses share internal information and knowledge more easily. The product was first released back in 2017 and now is being used by thousands of engineering product management, data science and customer support teams at companies like Bloomberg, Microsoft and Wix.
“Stack Overflow for Teams makes it easy for our developers to find the information they need quickly. It reduces repetition of questions internally and eliminates cross-functional silos,” Chris Thomas, managing director at Stack Overflow customer Moody’s Analytics, said in a statement. “Stack Overflow for Teams helps us drive more collaboration and innovation at Moody’s analytics, especially as we’ve gone fully remote.”
While Stack Overflow says its Teams offering is gaining “significant momentum,” doubling revenue every year for the last three years, its public Q&A forum is still the foundation of the business, with about 120 million visitors every month, according to the company.
The site’s popularity hasn’t faltered, even in the midst of the pandemic. In fact, CEO Prashanth Chandrasekar told Forbes that, from April to June, Stack Overflow received an average of 200,000 new users each month, the best quarter in the 12-year-old company’s history. And he expects the company to just keep growing, with the eventual target being an IPO.
Until then, Stack Overflow will use this funding to expand into new markets and make improvements to its public site. The company also has several open positions listed on its website.