(Reuters) – Content platform provider Contentful said on Wednesday it raised $175 million in a funding round led by investment giant Tiger Global, bringing the German company’s valuation to $3 billion.
Founded in 2012 by European tech entrepreneurs Sascha Konietzke and Paolo Negri, the company operates a content management system that is used by global giants like Spotify Technology SA, Electronic Arts Inc and WeWork.
The fresh capital will be used to expand global footprint in marketing and sales along with investing in its platform, the Contentful said.
Investment fund Base10 Advancement Initiative and other investors also participated in the round.
The funding follows Contentful’s plan to explore a listing in the United States, as per a Reuters report in May, that could value it at nearly $5 billion.
If it goes ahead with the plan, Contentful — led by former Microsoft Corp and Amazon.com Inc executive Steve Sloan — would join a host of companies from outside the United States seeking to cash in on the strong appetite for new listings in U.S. capital markets.
Foreign initial public offerings (IPOs) in the U.S. have raised over $23.5 billion in proceeds as of June 22, up from $4.6 billion a year earlier, according to Refinitiv.
(Reporting by Niket Nishant in Bengaluru; editing by Uttaresh.V)
