Peak XV leads YC-backed PostHog’s $75M Series E round at unicorn valuation
The India-based venture capital firm has, in recent months, backed a series of YC-backed startups as it looks to step up investments beyond India.
India-based Peak XV Partners has led a $75 million Series E round in San Francisco-headquartered cloud-based product analytics tool startup PostHog, marking another addition to the firm’s expanding portfolio of overseas investments.
The latest round values the firm at $1.4 billion. “We can now proudly upgrade our status from unicorn adjacent to unicorn,” the company’s co-founder James Hawkins posted on X (formerly Twitter).
Commenting on Peak XV’s participation in the round, Hawkins said, “Choosing Peak XV was about the people. In every meeting with Shailendra (Singh), he has come across as genuine, excitable, and hard working. Peak quickly proved themselves a delight to work with, and when we received an offer from them, we felt they were the best way for us to keep building. And that’s all that really matters to our users.”
The company intends to use the newly raised funds to start “Act 2 of PostHog”, which according to the co-founder, means going deeper into being a developer tool and not just an analytic tool.
The firm is also looking to improve its existing tools and adding more to generate better insights into how products are performing.
“Today, we know that engineers like you start work, and immediately wade through escalated support tickets, Slack, email, whatever customers said in the latest call–often only by the afternoon to start working on new features,” Hawkins said. “We want you to be able to start work, and then immediately see a list of PRs, already made for you automatically based on all the things that popped up since you last logged in.”
YC-backed PostHog was founded in 2020 by Hawkins and Tim Glaser. It is an open-source, all-in-one platform for product and web analytics, designed to help engineering and product teams understand user behaviour.
Peak XV—one of India’s largest VC firms—has recently stepped up its investments in startups outside of India. It recently led a $48 million Series B round in LA-based MarqVision and a $15 million round in Hyperbound.
These investments also comes on the heels of the firm looking to raise its first fund post its split from Sequoia Capital, with a reported target corpus of between $1.2 billion to $1.4 billion.
It is also looking to step up its investments in the US and has hired former Y Combinator and Blackstone investor Arnav Sahu to lead its US investment strategy while it continues to make investments in India.
Edited by Megha Reddy