Decagon completes first tender offer at $4.5B valuation

Decagon, an AI-powered customer support startup, has completed its first employee tender offer at a $4.5 billion valuation — a threefold increase from its $1.5 billion valuation in June 2025. The offer was led by existing investors including Coatue, a16z, and Index, following a $250 million Series D raised less than two months prior. Over 300 employees were able to sell vested shares. The move reflects a broader trend among fast-growing AI startups like ElevenLabs, Linear, and Clay using secondary sales as a talent retention tool. Decagon builds autonomous AI agents for customer support via chat, email, and voice, serving clients like Avis Budget Group and Oura Health.