London has its latest unicorn after AI note-taking app Granola raised £94 million in Series C funding.
The firm, founded in 2023, was valued at £1.1 billion by the round, which was led by Index Ventures and included participation from Kleiner Perkins.
Granola’s existing investors Lightspeed, Spark and NFDG all reinvested. It takes total funding to around $188m (£141m at today’s exchange rate).
Chris Pedregal (pictured, left) and Sam Stephenson (right) founded Granola to bring together shared knowledge and understanding from scattered documents. It uses AI to improve everyday communication and information capture.
Pedregal worked at Google before founding Socratic, an AI-powered tutor for high school students, In New York. The startup was acquired by Google in 2018. After two years working on the product within Google in San Francisco, he founded Stack, an AI scanner and organiser, inside Google’s in-house incubator Area 120 back in London. Stack was acquired by Google Drive in 2022.
Stephenson is a designer with a decade of experience across the US and London.
Granola is used by the likes of Gusto, Lovable and Mistral AI, as well as venture capitalists.
“These companies are turning to Granola not only to capture their notes, but also to capture their context,” said CEO Pedregal.
“Conversation transcripts are the richest source of context for what’s happening across your company, and when paired with powerful AI models, they can unlock workflows that wouldn’t have been possible before.”
It has also announced the launch of features enabling teams to share notes; a personal API for people to access their notes, and notes shared with them; and an enterprise API for admins to work with team context.
Granola was included on Tech Nation’s Future Fifty cohort last year.