Decagon raises $250M Series D at $4.5B led by Coatue and Index

The round included new investors ChemistryVC, Definition Capital and Starwood Capital, plus existing backers a16z, Accel, Bain Capital Ventures, Elad Gil, Forerunner and Ribbit Capital. More than 100 new global enterprise customers joined in the prior fiscal year, including Avis Budget Group, Block and Deutsche Telekom. In March, Decagon ran its first employee tender offer at the same valuation, giving more than 300 employees a chance to sell vested shares. The prior round was a $131 million Series C in June 2025 at $1.5 billion, co-led by Accel and Andreessen Horowitz's growth fund. Decagon told Newcomer in August that annualized revenue had crossed $100 million, up from a Sacra estimate of $44 million at the end of 2025. At that level, the valuation works out to about 45 times annualized revenue. The Series D price was set on earlier numbers, so growth has partly caught up with it. For founders, the signal is that investors are paying for category leaders in agentic customer support while revenue is still scaling. Coatue and Index entered as new lead investors, which suggests late-stage funds will price a clear winner aggressively. The same multiple raises the bar: a company at 45x revenue needs to keep growing fast to justify the next round, and rivals such as Sierra will face comparison against these numbers.