B2B Software Company Piano Raises $88M Series C, with Strategic Investment From LinkedIn

Since software company Piano raised its Series B in early 2019, it has upped its local headcount and moved into The Bourse in Old City.

Now, two years and a global pandemic later, leaders at the B2B company said they have raised an $88 million Series C round of venture funding, and are looking forward to calling Philly staff back in-person next month. The round was led by existing investors Updata Partners (the D.C. firm was also behind the Series B), with supporting investments from Rittenhouse Ventures and a strategic investment from LinkedIn Corporation, the company announced Tuesday.

Piano’s platform is an end-to-end suite of software products that help “convert” users on media websites. Amid an industry-wide drop in advertising revenue and an increased dependence on paying subscribers supporting the work of media companies, CEO Trevor Kaufman said in 2019 that Piano an experienced increased interest in its product, and touted clients like Condé Nast and Time, Inc.

The primary use for the most recent fundraise was the acquisition of France-based AT Internet back in February, Kaufman told Technical.ly this week. Second, the round will aid in expanding Piano’s product capability, particularly its data and analytics offerings, he said.

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