Stack Overflow Raises $85M to Further SaaS Ambition

Stack Overflow, a leader in Q&A for programmers and IT pros raises $85 million in Series E funding to facilitate remote collaboration for distributed development teams and transform into a SaaS powerhouse.

Stack Overflow, the most popular coding Q&A site, has raised $85 million in Series E funding led by GIC, Singapore government’s wealth fund. New investor Silver Lake Waterman also participated in the round along with existing investors Andreessen Horowitz, Index Ventures, Spark Capital, and Union Square Ventures (USV).

New York-based collaboration platform for developers and technologists has been on a tear, reporting a rapid adoption as startups and large enterprises hop on to the platform to streamline development, workflows and integrate tools for transparency, security and communication. Stack Overflow’s usage has soared — over 500 teams with more than 200,000 paid users across engineering, data science, customer support, and product management use the Q&A site.

The new Series E round comes after Stack Overflow’s $40 million Series DOpens a new window funding in January 2015. The fresh capital will strengthen Stack Overflow for Teams — SaaS knowledge management and collaboration platform. Stack Overflow for Teams provides companies a shared space for developer-centric collaboration, communication, information organization and knowledge sharing.

Interestingly, Forrester’s The Total Economic Impact of Stack Overflow for Teams report found the product has an ROI of 179% for organizations that use it. Chris Thomas, Managing Director at Moody’s Analytics said, “Stack Overflow for Teams makes it easy for our developers to find the information they need quickly. It reduces the repetition of questions internally and eliminates cross-functional silos.”

Learn More: ShiftLeft Looks to Enhance Developer Engagement & Productivity with New UpgradesOpens a new window

The product, Teams has been on a roll and part of the growth can be attributed to the WFH model. Stack Overflow spokesperson confirmed that Teams’s revenue has doubled every year since its 2017 launch. The global crisis pushed employers to facilitate a safe distributed workspace and that’s where Stack Overflow for Teams comes in. Thomas adds, “Stack Overflow for Teams helps us drive more collaboration and innovation at Moody’s Analytics, especially as we’ve gone fully remote.”

The funding shows how Stack Overflow wants to position itself as a SaaS powerhouse. Prashanth Chandrasekar who took the helm as CEO last September observed, “As the world’s companies go through an intense and accelerated phase of digital transformation, Stack Overflow is at the heart of this movement.”

He explains that the $85 million funding , fueled by the growth of Stack Overflow for Teams, allows Stack Overflow to scale rapidly, speed up transformation into a leading SaaS company and enter new markets.

A poll by Gartner estimates 48% of employees will work remotelyOpens a new window at least part of the time after COVID-19 versus 30% before the pandemic. And Stack Overflow for Teams is poised to address this emerging customer need by connecting distributed employees and enabling them to easily access a central source of knowledge.

Let us know if you liked this news on LinkedInOpens a new window , TwitterOpens a new window , or FacebookOpens a new window . We would love to hear from you!