Temporal, a developer tools startup based in Seattle, closed a $105 million secondary transaction led by GIC, pushing its valuation to $2.5 billion. Tiger Global and Index Ventures also participated in the deal.
That’s a bump up from its previously disclosed valuation of $1.72 billion, when the company raised a $146 million Series C round earlier this year.
A secondary raise is a transaction in which shareholders sell existing shares to new or existing backers. It signals continued investor conviction even without a fresh primary raise.
Founded in 2019, Temporal’s open-source microservices orchestration platform replaces ad-hoc systems to help developers reduce time spent on scalability and reliability. Temporal sells Temporal Cloud as a managed service.
Alongside the deal, Temporal announced two leadership moves:
- John Bonney was named chief financial officer. He previously served as CFO of Harness and held senior finance roles at FinancialForce and SAP.
- Jonathan Chadwick, a veteran of VMware with board seats at companies including Confluent, Databricks, ServiceNow, and Zoom, joined Temporal’s board of directors.
Temporal co-founders Samar Abbas and Maxim Fateev previously worked together at Uber and helped build an internal open-source orchestration engine called Cadence. The reception to that idea sparked them to launch Temporal. Fateev previously worked at Amazon, Microsoft, and Google. Abbas also worked at Microsoft and Amazon.
Abbas took over CEO duties from Fateev last year. Fateev is now CTO.
“This tender lets long-tenured teammates realize some of the value they’ve created and reflects continued conviction from our existing investors,”Abbas said in a statement. “We’re grateful for the support and staying focused on solving reliability at scale — software that runs, recovers, and keeps going in production.”
Temporal has more than 300 employees, according to LinkedIn. Total funding to date is $350 million.
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