Gamma, a startup that creates AI-generated presentations, websites, and social media posts, on Monday announced a $68 million Series B round led by Andreessen Horowitz at a valuation of $2.1 billion.
Co-founder and CEO Grant Lee posted on X that the company had 70 million users and $100 million in ARR, making it profitable. Lee previously posted that the startup made $50 million in profits in its first two years. Gamma last raised a $12 million Series A round led by Accel in 2024.
Gamma isn't exactly a new AI startup (at least by AI standards). According to Lee's LinkedIn, the company was founded in late 2020 and the first product launch is in 2022.
A more prudent funding trajectory (by AI's standards) brought total funding to around $90 million, allowing it to achieve a double unicorn valuation. This was accomplished with only about 50 employees, Lee said. And the round included a $20 million secondary offering to provide liquidity for early employees, the company told TechCrunch. Accel and Uncork Capital also participated in the latest round, and other backers include South Park Commons and Hustle Fund.