This AI startup went from US$350 million valuation to US$2.3 billion in four months
Accel beat vying offers from several investors including Insight Partners to lead the latest round, which is expected to raise hundreds of millions of euros for Berlin-based n8n, the sources said, asking not to be identified because the information is private. The US$2.3 billion valuation, up from roughly US$350 million just four months ago, is pre-money, representing the value of the company before the new investment, the sources said.
Meritech Capital, a Palo Alto, California-based firm, is also expected to participate, one of them said. Accel and Insight declined to comment. N8n and Meritech did not respond to requests for comment.
Media outlets, including the Financial Times, had reported in recent weeks that n8n was in talks to raise at a valuation of more than US$1.5 billion. The fact that the funding is now set to value the startup at well over US$2 billion is a testament to the strong demand for AI investments, particularly in Europe.
Just in the past two months, the French startup Mistral AI was in talks to raise as much as US$1 billion in equity. Helsing, the German startup building AI for drones, more than doubled its valuation to 12 billion euros (S$18 billion). And the Swedish AI programming firm Lovable raised US$200 million to become a unicorn.
N8n itself has seen rapid growth in recent months. It has surpassed US$40 million in annual recurring revenue, according to one of the sources, emerging as a breakout player in Europe's fast-growing AI application ecosystem. The company sells software designed to automate tasks for businesses, pitching its products as an easy means of incorporating so-called AI agents that can perform a multitude of duties on their own. Agents have been widely seen as the next frontier of AI, following chatbots.
Founded in 2019, n8n raised 55 million euros in the March funding round that valued the company at about 300 million euros, one sources with direct knowledge of the deal said, asking not to be identified because the details were not public. Lead investor Highland Europe said at the time that n8n had secured major clients, including Vodafone Group and Delivery Hero and increased its annual recurring revenue five-fold in that past year. The startup itself has not disclosed its sales. BLOOMBERG
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