BetterCloud Receives $60M Series E
NEW YORK, NY, BetterCloud, the leading SaaS operations management platform, today announced it has closed a $60 million Series E financing round led by new investor Bain Capital Ventures.
Participating alongside Bain Capital Ventures are existing investors Accel, Greycroft Partners (through Greycroft Growth), Flybridge Capital Partners, Tribeca Venture Partners, and New Amsterdam Growth Capital. This new round brings BetterCloud's total funding to $107 million.
Enrique Salem, managing director at Bain Capital Ventures and former president and CEO of Symantec, will join BetterCloud's board of directors.
"The rapid rise of SaaS in the enterprise is transforming the way we do business, but it's also shedding light on a new set of security management challenges and blind spots," said Salem. "BetterCloud saw these growing issues before anyone knew they existed and created a best-in-class platform for managing and controlling SaaS environments. We are thrilled to have the company join our portfolio -- adding to an extensive list of security investments -- and to play a part in furthering its growth and success."
The new capital will be used to scale sales and marketing and accelerate product innovation for BetterCloud's SaaS operations management platform.
"Every new technology creates unforeseen security blind spots when introduced in the enterprise -- we saw this with the rise of mobile devices and the cloud, and now it's happening with SaaS," said David Politis, CEO of BetterCloud. "As businesses create digital workspaces, they are shifting to SaaS at an astronomical rate, seeing these blind spots, and realizing that taking control of their application security is no longer an option -- it's an imperative. With this capital, we will double down on the development of our platform and further enable our customers to get ahead of SaaS sprawl and the security and operational challenges it creates."
The funding comes on the heels of strong company momentum and market recognition with 70 percent quarter over quarter sales of the new platform in 2017. BetterCloud was identified by Gartner as a representative vendor in its inaugural "Market Guide for Cloud Office Management Tools" in October 2017. Additionally, 451 Research recognized the company as pioneering the emerging SaaS Operations Management market this past January.
Arun Mathew, Partner at Accel, will also be joining BetterCloud's board of directors as part of the financing.
BetterCloud is the first SaaS Operations Management platform, empowering IT to define, remediate, and enforce management and security policies for SaaS applications. Over 2,500 customers in 60+ countries rely on BetterCloud for continuous event monitoring, quickly remediating threats, and fully-automated policy enforcement. To further guide customers on their SaaS strategy, the company established the first-ever "SaaS Application Management and Security Framework" in its newly published book, Controlling Your SaaS Environment. BetterCloud is headquartered in New York City with an engineering office in Atlanta, GA. For more information, please visit www.bettercloud.com.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software and industries being transformed by data. Bain Capital Ventures has helped launch and commercialize 200-plus companies since 2000, including investments in DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo and TellApart. Bain Capital Ventures has approximately $3.6 billion of assets under management with offices in San Francisco, New York and Boston. Follow the firm via LinkedIn or Twitter.
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