On June 9, PostHog, which aims to help developers build “successful products,” quietly announced it had raised $70 million in a Series D funding round led by digital payments giant Stripe. The funding was raised at a $920 million valuation.
Y Combinator, GV and Formus Capital also participated in the financing, which brings PostHog’s total raised since its 2020 inception to about $107 million, per Crunchbase data.
In a nutshell, PostHog started as a product analytics tool. Over the years, it has evolved with the mission of giving businesses “full control” of their customer data with its open-source platform.
Notably, PostHog’s Series D amounts to more than double of all the capital it had previously raised combined. Its new valuation also is roughly double its valuation at the time of its $15 million Series B in 2021, according to co-founder and co-CEO James Hawkins.
Series D rounds aren’t necessarily remarkable in and of themselves these days, and neither are near-unicorn valuations. But what stands out about this round is the way it came about.
One day in November 2023, Stripe co-founder and CEO Patrick Collison “just out of the blue tweeted” about PostHog’s site “being cool,” said Hawkins.
(Specifically, Collison said the site was “very well done,” and tagged Hawkins and Tim Glaser, PostHog’s other co-founder and co-CEO.)
The company took the compliment as a way to get in front of Collison, and asked for a meeting.
“We did so and just talked about a bunch of topics that were on our mind,” Hawkins told Crunchbase News. “We got really excited about working together.”
Stripe declined to comment on its leading PostHog’s latest raise, although it did confirm its investment.
GV general partner Crystal Huang said her firm was so impressed with PostHog’s potential to “unify a fragmented developer tools landscape” that it has invested in every round since leading PostHog’s $9 millionSeries A in 2020.
“PostHog’s ambition to automate the entire development stack with AI, from data warehousing to LLM observability and beyond, represents a significant leap forward for builders,” she said. “We believe this integrated approach empowers developers to innovate faster and with greater confidence.”
“Their modular offerings and transparent pricing have resonated deeply with customers. The ability to ship full product stacks, including a platform that delivers the most complete customer data, highlights the strength of their approach. At a time when developers need more than a collection of disconnected tools, PostHog provides a cohesive AI-powered environment that reduces complexity, accelerates product velocity, and drives measurable business results.”
Full-stack approach
Hawkins and Glaser started working on PostHog during Y Combinator’s Winter 2020 batch. The company focused on just open source software (vs. revenue) for the first year and a half.
Today, PostHog provides what Hawkins describes as “customer infrastructure.”
“This means every single customer-related software product in one place,” he explained. “The end result is a perfect customer data record without any integrations needed. This starts from day one of a startup, when the first line of code is written and that’s when we get in — with developers. We’re then upstream of every piece of software they’ll ever buy.”
Currently, PostHog, which is San Francisco-based but fully remote, has 14 products aimed mostly at product and engineering use cases to help those teams better understand and work with customers.
As with many other startups, artificial intelligence has led to PostHog starting to automate those products with a new platform that is generally available as an open beta: Max AI.
Hawkins declined to reveal hard revenue figures, saying only that PostHog has “multiple $10s of millions of ARR and 3x year-over-year growth.” He claims that the company is seeing its growth rate increase over time. Users include Y Combinator, 1Password, Mistrial AI, Airbus and Eleven Labs, among others.
While PostHog is not profitable, Hawkins said the company has been cashflow positive both late last year and in recent months. It had about 80 employees at the end of 2024.
Its goal is to one day “ship the entire stack of tools that relate to sales, support, or marketing — basically anything that relates to customer data. … then we’ll automate all of it with AI,” he said.
Stripe as investor
Stripe is one of the world’s most valuable private companies and believed to be the most valuable private fintech company. In February, it announced a tender offer in which investors would buy shares from past and present employees at a valuation of $91.5 billion.
Since its 2010 inception, Stripe has invested in dozens of companies, per Crunchbase data. Besides PostHog, in 2025 so far it has also participated in expense management startup Ramp‘s March 2025 $150 million secondary share sale.
It has also acquired at least 17 companies, according to Crunchbase. On June 11, Stripe announced it was picking up crypto wallet provider Privy, a 4-year-old startup which had raised over $40 million in funding.
Illustration: Dom Guzman
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