Granola, the AI-powered meeting notepad that has spread through Silicon Valley by word of mouth, has closed a $125 million funding round at a $1.5 billion valuation, according to Bloomberg. Index Ventures led the round — a significant vote of confidence for a company that was valued at $250 million less than a year ago.
The jump from $250 million to $1.5 billion is the number that will get attention. It is also, on its own, not very informative.
Granola was founded in early 2023 by Chris Pedregal and Sam Stephenson, both formerly of Google. The product works differently from most AI notetakers: it runs locally on your device and transcribes your screen audio without requiring a bot to join your calls — a design choice Granola has leaned on heavily as a privacy differentiator. After a meeting, the app uses an LLM to flesh out whatever notes you typed during the session, turning rough jottings into structured summaries. The pitch is that using Granola across all your meetings builds a living, searchable archive of your professional conversations.
That meetings-as-data thesis is the actual thing Index is buying. And it is more interesting than the valuation math. LLMs have been trained on enormous swaths of the public web; corporate meetings are a different kind of knowledge — private, unstructured, and largely untapped. Granola's Series A blog post made the case explicitly: "While today's LLMs have been trained on a massive amount of the web, they are missing one of the most useful sources of data: our conversations." The hope is that a meeting archive becomes queryable, shareable, and eventually a substrate for downstream tools.
The company has released retention numbers that are worth taking seriously on their own terms. According to its Series A announcement, half of users were still active ten weeks after signing up, averaging six meetings per week. Over half of its user base is in leadership roles at companies including Vercel, Ramp, and Roblox, with partners at Benchmark, Sequoia, and Accel using it to capture pitch conversations. Those are real users doing real work — not an early adopter sample that evaporates at scale.
What Granola has not disclosed is revenue or ARR. The $1.5B valuation rests on a meetings-as-data thesis, not a proven financial model. That is not necessarily a problem — growth-stage SaaS valuations have long decoupled from near-term revenue — but it means the valuation is a bet on execution against a specific threat: commoditization.
The threat is real. Google Meet, Zoom, and Microsoft Teams all offer AI transcription today. Otter.ai, Fireflies.ai, and Read.ai are established in the same product category. Granola's moat is not a novel model architecture — it is a layer on top of existing transcription and a specific UX philosophy that has resonated with high-value users. Whether that is a durable moat or a temporary wedge in a market that Google and Microsoft will eventually own depends entirely on whether Granola can turn its meeting archive into something its users cannot get elsewhere.
The team collaboration features launched alongside the May 2025 Series B are the early version of that bet: shared folders, team-wide search, the ability to ask the AI questions across an organization's meeting history. If that cross-meeting intelligence becomes sticky — if leaving Granola means losing access to years of institutional conversation — then the data moat thesis holds. If not, the $1.5B valuation is a very expensive bet on a feature that ships natively in your productivity suite by 2027.
Index Ventures is making exactly the kind of concentrated, conviction-driven bet it is known for. The firm has a track record of backing horizontal platform bets early — Figma, Notion, Linear — and has clearly concluded that Granola's wedge into professional workflows is defensible. The meetings-as-data thesis is coherent. Whether it survives contact with the companies that already host those meetings is the question this valuation does not answer.
