From the source
Cohere announced the initial close of a Series E round targeting up to CAD $7 billion, which the company said would value it at CAD $35.7 billion.
- The companies of Schwarz Group led the round, with Bell Ventures, Bullhound Capital and the Government of Canada joining as new investors.
- Cohere described the raise as the largest private financing round ever undertaken by a Canadian technology company.
- Chief Financial Officer Francois Chadwick said the money will advance its modelling and product roadmap and fund compute for frontier-level enterprise models.
- Cohere reported 165% year-over-year growth in annual recurring revenue for the period ending Q3 2026, and said its customer base grew 20x to 300 customers.
- The Government of Canada's equity investment will help Cohere scale from Canada, supporting Canadian jobs and computing infrastructure.