Decagon funding: Every round, investor, and valuation (2026)

Decagon builds AI agents that answer customer-service chats, emails, texts, and phone calls for large companies. Its customers include Duolingo, Notion, Chime, Hertz, Avis Budget Group, and Deutsche Telekom. When a customer asks for a refund or a booking change, Decagon's agent can look up the account, take the action, and hand the hardest cases to a human.

Decagon has raised $481 million across five priced rounds since Jesse Zhang and Ashwin Sreenivas founded it in 2023. Its latest round, a $250 million Series D in January 2026, valued the San Francisco company at $4.5 billion.

Most of that money arrived in the space of 19 months, as investors moved from funding AI models to funding the software companies that sell them to businesses. Decagon now competes with a better-funded rival in Sierra and with Salesforce, which agreed to buy Fin, formerly Intercom, in June 2026. Let's dive into Decagon's funding history.

Decagon raised its seed and Series A before anyone outside its investors knew it existed. Each round since has been larger than the one before and priced higher.

Andreessen Horowitz wrote Decagon's first check when the company was founded in 2023. Accel led the Series A, and Accel partner Ivan Zhou joined the board. Decagon disclosed both rounds together in June 2024, when it came out of stealth with $35 million and a list of early customers that already included Eventbrite, Bilt, and Substack.

Bain Capital Ventures led the Series B four months later. Decagon said the round quadrupled its valuation in a few months and brought total funding to $100 million. Reuters later put the price at $650 million.

The company said the Series B would pay for more engineers, a faster sales push, new industries, and voice calls. Voice later became central to deals such as Chime's, which Decagon says runs more than 1 million calls a month through its agent.

Accel and Andreessen Horowitz came back to co-lead the $131 million Series C in June 2025, at $1.5 billion. Decagon said it had gone from zero to eight figures of annual recurring revenue in 2024. Avra, Forerunner, and Ribbit Capital joined as new investors.

In November 2025, Deutsche Telekom agreed to test Decagon in its own customer service, and its venture arm, T.Capital, invested alongside the pilot. Neither side disclosed the amount.

The Series D closed in January 2026 at $250 million, led by two firms new to the company, Coatue and Index Ventures. Decagon said more than 100 new enterprise customers had signed on in its previous fiscal year, including Avis Budget Group, Block, and Deutsche Telekom.

Two months later, Decagon ran its first tender offer. More than 300 employees could sell part of their vested shares to Series D investors at the same $4.5 billion price. The sale gave staff cash without adding new money to the company, so it does not count toward the $481 million total.

Decagon's valuation rose about sevenfold in 15 months, from the Series B to the Series D. Each step came as revenue grew and rival Sierra raised at even higher prices.

The price rose 2.3 times between the Series B and the Series C, eight months apart. It then tripled in the seven months before the Series D, which The Information first reported as talks at about $4 billion in November 2025.

Decagon does not publish revenue. Research firm Sacra estimates annualized revenue of about $44 million at the end of 2025, which would put the Series D price at roughly 100 times revenue. Newcomer reported in August 2026 that annualized revenue had passed $100 million.

Sierra, the company run by former Salesforce co-CEO Bret Taylor, sets the benchmark investors compare Decagon against. Sierra raised $950 million in May 2026 at more than $15 billion, with $150 million of annual recurring revenue in February. Both sums are small next to OpenAI's funding history, which includes a single round of more than $100 billion.

Decagon's cap table is almost entirely venture capital. The only disclosed corporate investor is Deutsche Telekom, which is also a customer.

Andreessen Horowitz wrote the first check and joined the Series A. It sat out the Series B, then co-led the Series C from its growth fund and joined the Series D. Contrary Research lists a16z partner Kimberly Tan on the board.

Accel led the Series A, co-led the Series C, and joined the Series D. Together, a16z and Accel are the only firms that have led more than one Decagon round.

Bain Capital Ventures led the Series B and has joined every round since. Its partner Aaref Hilaly first invested as an angel in 2024 and now sits on the board, according to Contrary Research.

Coatue and Index Ventures led the Series D as new investors. Index partner Sofia Dolfe compared the founders to Index's earlier bets on Figma and Robinhood.

Both firms bought more shares in the March 2026 tender offer. Decagon has not disclosed any new board seats from the Series D.

T.Capital is the venture arm of Deutsche Telekom, the German carrier. Its investment came with a commercial pilot, focused on resolution time, customer satisfaction, and repeat contacts.

T.Capital joined the Series D as an existing investor. Having a telecom giant as both investor and customer helps Decagon sell to other large carriers.

Zhang sold Lowkey, a gaming-clip app, to Niantic in 2021. Sreenivas sold Helia, a computer vision startup, to Scale AI in 2020.

The early angels were mostly software founders and executives. They included Aaron Levie of Box, Howie Liu of Airtable, Matt MacInnis of Rippling, Frederic Kerrest of Okta, Jack Altman of Lattice, and Ed Hallen of Klaviyo. Rippling, where MacInnis is an executive, later became a Decagon customer.

Decagon has not disclosed how much of the company the founders or any investor own.

Decagon spends its funding on people, expansion abroad, and the AI models its agents run on. Its funding announcements have named the same priorities: product, team, and sales to large companies.

Headcount grew from 55 employees in early 2025, according to Contrary Research, to more than 300 by March 2026. The rounds paid for engineers and for sales teams that sell to large companies such as airlines, banks, and telecom carriers.

Decagon avoids placing engineers inside customer companies for months at a time, a common approach in enterprise AI. Zhang told Newcomer that relying on those forward-deployed engineers is a sign the product does not work on its own. Instead, Decagon spends on tools that let customer-service teams build and test agents themselves, such as its Agent Operating Procedures, instructions written in plain language that the agent follows.

Duet, released in March 2026, helps customers build agents, and Duet Autopilot, launched in June, adjusts them automatically. Decagon Assist, a copilot for human support staff, came in August.

Decagon opened a London office in 2025, and the team there passed 50 people by June 2026. EMEA customers include Deutsche Telekom, Oura, Rituals, and Hunter Douglas.

In September 2026, Decagon opened in São Paulo, with Mercado Libre and NG.Cash as customers, and announced a push into the Benelux countries from Amsterdam.

Decagon does not train its own large models. The founders said on an a16z podcast in 2026 that about 90% of the platform's workflows now run on fine-tuned open-source models, because they are cheaper and faster for the job.

Closed models from OpenAI and Anthropic handle the rest. That split keeps Decagon's model bills lower than they would be if every call ran through Anthropic's API business or OpenAI's.

Decagon charges in two ways: a set price per conversation or a higher price per resolution, paid only when the agent solves the problem without a human. The company said in December 2024 that most customers choose per-conversation pricing. Every conversation the agent handles costs Decagon model compute, so cheaper models improve the margin on each one.

Zhang told Reuters that Decagon cut Chime's contact-center costs by 60%. Results like that help Decagon sell to other banks.

Decagon added more than 100 enterprise customers in its last fiscal year and opened in Brazil and the Benelux countries in September 2026. A new Plaid partnership lets people link bank accounts inside a support conversation, which targets banks and fintech companies.

The March 2026 launch added memory of past conversations and outbound voice calls, and Duet Autopilot tunes agents with less human setup. Decagon also pitches its agents as a way to sell, not only to support. It says Hunter Douglas has attributed more than $1 million of revenue to conversations the AI handled.

Decagon has no IPO filing and has not said when it will list, and the March tender gave employees cash without one. Its main risk is competition from Sierra, which has three times the funding, according to Newcomer. Salesforce can bundle AI agents into its CRM and is paying about $3.6 billion for Fin, and Zendesk also sells AI agents to the same support teams.

Decagon has raised $481 million in equity since 2023. That includes a $5 million seed, a $30 million Series A, a $65 million Series B, a $131 million Series C, and a $250 million Series D. It also took a strategic investment of undisclosed size from T.Capital in November 2025, and has disclosed no debt.

Decagon's lead investors are Andreessen Horowitz, Accel, Bain Capital Ventures, Coatue, and Index Ventures. Other backers include A*, Elad Gil, BOND, ACME Capital, Avra, Forerunner, Ribbit Capital, ChemistryVC, Definition Capital, Starwood Capital, and T.Capital, the venture arm of Deutsche Telekom.

Decagon was valued at $4.5 billion after its $250 million Series D in January 2026. Its March 2026 employee tender offer used the same price. No new round has been announced since.

No. Decagon is private and has not filed for an IPO. Employees sold shares in a tender offer in March 2026 instead.

Decagon is owned by its founders, Jesse Zhang and Ashwin Sreenivas, its employees, and its investors. The largest outside holders are likely the firms that led its rounds: Andreessen Horowitz, Accel, Bain Capital Ventures, Coatue, and Index Ventures. The company has not disclosed individual stakes.