Assertion Supported AI assessment confidence: 95% certainty 4/5 debate potential 2/5

Levin: SEMrush Left Its Entire $40M Funding Round on Balance Sheet

Eugene Levin · 1725 SEMRush Broke $100m in Revenues in 2019 · Apr 14, 2020 · at 2:45

Eugene Levin, Chief Strategy Officer at SEMrush, discusses the company's capital allocation and funding history with Nathan Latka.

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“We raised some money, but frankly speaking, we didn't touch You know, this round. It's pretty much all on the balance sheet.”

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The claim, plainly

SEMrush did not spend its roughly $40 million funding round and kept nearly all of the capital on its balance sheet.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

SEMrush's SEC Form S-1 registration statement (filed March 1, 2021) confirms Eugene Levin's assertion. SEMrush reported having raised $37.0 million in total primary capital since inception (commonly reported as a $40 million round in 2018 including secondary transactions). As of December 31, 2019 (shortly before the April 2020 statement), SEMrush held $37.435 million in cash and cash equivalents ($37.523 million including restricted cash), up from $31.714 million at year-end 2018. Furthermore, the company generated positive operating cash flows of $1.875 million in FY2019 and $5.852 million in FY2020, confirming that the funding round remained essentially untouched on the balance sheet rather than being depleted by net operating burn.

SEMrush Holdings, Inc. Form S-1 filed March 1, 2021 noted total capital raised since founding was $37.0 million.
As of December 31, 2019, SEMrush held $37.435 million in cash and cash equivalents ($37.523 million including restricted cash).
SEMrush reported positive cash flows from operating activities of $1.875 million for FY2019 and $5.852 million for FY2020, confirming no net burn of the raised funds.

Checked against

[1] sec.gov [2] sec.gov [3] sec.gov [4] sec.gov [5] tracxn.com [6] sec.gov [7] sec.gov [8] sec.gov

"Semrush" 40 million funding round 2018 Greycroft balance sheet S-1 "SEMrush" OR "Semrush Holdings" S-1 "cash and cash equivalents" "2019" "2018" "Semrush" Form S-1 "December 31, 2019" "cash and cash equivalents" site:sec.gov/Archives/edgar/data/1831840/000162828021003658 "F-3" OR "F-4" OR "F-5" OR "F-6" site:sec.gov/Archives/edgar/data/1831840/000162828021003658 "Cash, cash equivalents and restricted cash" site:sec.gov/Archives/edgar/data/1831840/000162828021003658 "Consolidated Balance Sheets" site:sec.gov/Archives/edgar/data/1831840/000162828021003658 "Series A" OR "Series B" "convertible preferred stock"

assessed as of 2026-09-02

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Mentioned

Eugene Levin Semrush

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