Software Unicorn Instabase Raises $100 Million in Down Round

Software startup Instabase Inc. has raised $100 million in a new funding round that lowers its valuation to $1.24 billion, the company said.

Previously, investors had valued Instabase at $2 billion, making it the latest Silicon Valley unicorn to grapple with a difficult market for many venture-backed startups.

The Qatar Investment Authority, QIA, led the new investment, the company plans to announce Friday. Existing investors also participated, including Andreessen Horowitz, NEA, Index Ventures and Greylock Partners.

“The market is definitely in the recovery phase,” Instabase founder and Chief Executive Anant Bhardwaj, said in an interview. He said ...