The announced $225M became $265M: Romanian UiPath successfully closes Series C funding

Daniel Dines, CEO and Co-founder at UiPath / Photo UiPath press kit

Romanian RPA (Robotic Process Automation) platform – UiPath – closes the Series C funding round at $265 million – $40 million more than the previously stated amount, the company reported yesterday. The latest investment came from IVP, Madrona Venture Group and Meritech Capital but also by the UiPath’s employees who had the opportunity to participate at the same share price as the investors. Just as a reminder, the first round of the Series C investment that reached $225 million just two months ago was lead by CapitalG and Sequoia Capital.

Even though the rating of the company remains unchanged at $3 billion, still by tripling its value in just six months,  UiPath sets the record as the fastest growing software enterprise in the history of IT company launched from Romania. Earlier this year, UiPath closed the B investment round at $153 million.

Daniel Dines, CEO and Co-founder at UiPath / Photo: Superfounder’s Archive

“I am honored to have IVP, Madrona Venture Group and Meritech Capital as new investors in UiPath. Their leadership and guidance will no doubt help us continue to define and lead the Automation First era for customers everywhere. UiPath has had many funding options and I believe we have selected the investors that align best with our culture and beliefs. I am humbled as the syndicate of unquestionably top-tier venture capital firms who believe in UiPath and support our future”, says Daniel Dines, CEO and Co-founder at UiPath in the company’s press release, adding:

” Additionally, it is a core UiPath principle to share the success of the company in a meaningful way with our hard-working and long-time employees and we were excited to be able to extend the opportunity, at their personal choice, to realize partial liquidity in this round.”

Founded in 2005 by Dines, UiPath is headquartered in New York, with branches in 14 countries throughout North America, Europe and Asia. According to the company’s date, UiPath has 2.100 customers using RPA services and over 200.000 users around the world. American Red Cross, BMW group, Carlsberg, NASA, Pandora, Japan Airlines are just a few to mention. Besides Accel, Capital G and Sequoia Capital, UiPath so far has been also funded and supported by Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and Sequoia.

As reported by the company, UiPath expects to end 2018 with more than 1,700 employees, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.

Who are the new investors?

With $7 billion of committed capital, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 106 of which have gone public. IVP is one of the top-performing firms in the industry and has a 36-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Its portfolio includes AppDynamics, Dropbox, GitHub, Pure Storage and Slack.

Meritech Capital is a growth investment fund. General Partner Alex Kurland led Meritech’s investment in UiPath and is primarily focused on enterprise software and infrastructure investments. Meritech has a strong enterprise track record and a portfolio that includes Facebook, Salesforce, NetSuite, Mulesoft, Anaplan, Coupa and Proofpoint.

Madrona Venture Group is an American venture capital firm, founded in 1995 and is based in Seattle, Washington. Madrona specializes in seed, startup, Series A and early stage technology companies. Madrona has made 143 investments in 75 companies. According to UiPath’s press release, the Managing Director S. Somasegar has joined UiPath’s Board and will actively support the expansion of UiPath’s Bellevue Product Development Center, which is focused on deepening both UiPath’s developer engagement and AI expertise.