CloudBees Raises $62M in Growth Funding
SAN JOSE, CA, CloudBees, the enterprise DevOps leader, today announced it has successfully closed $62 million in growth funding.
CloudBees, the enterprise DevOps leader, today announced it has successfully closed $62 million in growth funding. The funding round was made up of $37 million of equity led by Delta-v Capital and $25 million of growth financing from Golub Capital's Late Stage Lending business. The new equity financing included strong participation from existing investors Matrix Partners, Lightspeed Ventures and Verizon Ventures, alongside new investors Delta-v Capital, Golub Capital and Unusual Ventures. CloudBees has previously raised $49.2 million since its founding in 2010, bringing total funding to date over $100 million. With the new funding, CloudBees will continue to innovate its modern software delivery suite, grow its strategic partnerships and accelerate its global business growth organically and through M&A.
"Today, virtually every company is using software to continuously improve its products and business," said Matt Parson, chief financial officer, CloudBees. "The DevOps market is exploding as the transformation to a global continuous economy emerges. We have seen significant growth in our business over the last several years, but we now see an even bigger opportunity just in front of us as continuous software delivery becomes a strategic imperative for every business."
The $3.58 billion DevOps industry is at an inflection point. Legacy and point solutions are unable to meet this growing demand with the governance, scale and flexibility required by enterprises of all sizes. CloudBees has taken a radically different approach to solving this problem by creating the world's first end-to-end continuous software delivery system designed to accelerate software development and delivery while minimizing risk.
An estimated 2+ million software developers use Jenkins to automate their software delivery pipelines and 46 of Fortune 100 enterprises, including 3 of the Fortune 10, use the CloudBees Suite to transform their businesses for the continuous economy. CloudBees has demonstrated strong market momentum including:
77 percent YoY growth in FY 2018
100 new employees added in the first six months of 2018
Acquisition of Codeship
Recent industry awards include:
SD Times 100
IDC Innovator from International Data Corporation
DevOps.com's DevOps Dozen
Totango's Customer Success Award, Best Impact at a Startup
Wealthfront's List of Career Launching Companies
"In the few, short years since founding CloudBees, we have become the recognized DevOps leader. Global enterprises have rapidly adopted our DevOps suite due to its alignment with strategic business objectives and the enterprise-grade scale and governance demanded by today's CIOs," said Sacha Labourey, founder and CEO, CloudBees. "We see a world where businesses either deliver faster and continually improve or they fail. Thanks to this new funding, we are accelerating on our vision to become the ERP of IT and orchestrate the key processes that bring innovation through software to production."
Dan Williams, partner at Delta-v Capital, will join CloudBees' board of directors. "CloudBees is executing on a vision that will revolutionize enterprise software delivery by allowing companies to automate the software delivery process and gain valuable insights into their DevOps data like never before," said Williams. "DevOps is at an inflection point enabled by modern container-based infrastructure and driven by an increasing realization from enterprises that software is mission critical to their differentiation and innovation. We continue to be impressed by CloudBees' market leadership position in DevOps and are excited to partner with their world-class team to help them achieve a greater trajectory."
"The DevOps market has evolved to the point where it has become an imperative for businesses across all verticals and sizes to automate software delivery," said Rob Sverbilov, director, Golub Capital Late Stage Lending. "CloudBees has emerged at the forefront of the DevOps market, helping the world's industry-leading organizations accelerate their market growth in today's digital economy. We look forward to supporting the company as they put our flexible financing to work to continue driving robust diversified global growth."
Stas Zvinyatskovsky, managing director at Accenture, added: "Companies are looking to DevOps to be the engine that enables business agility. At Accenture, we help our clients adopt DevOps across the enterprise and collaborate with alliance partners such as CloudBees to offer our clients industry-leading DevOps technology that helps roll out the improved business capabilities that have become essential in a digital environment."
CloudBees is powering the continuous economy by building the world's first end-to-end system for automating software delivery, the CloudBees Suite. The CloudBees Suite builds on emerging DevOps practices and continuous integration (CI) and continuous delivery (CD) automation adding a layer of governance, visibility and insights necessary to achieve optimum efficiency and control new risks. Since every company in the world is now a software company, this new automated software delivery system will become the most mission-critical business system in the modern enterprise. As today's clear leader in continuous CI/CD, CloudBees is uniquely positioned to define and lead the automated software delivery category. CloudBees puts companies on the fastest path to transforming great ideas into great software and returning value to the business more quickly.
Backed by Matrix Partners, Lightspeed Venture Partners, Verizon Ventures, Delta-v Capital, Golub Capital and Unusual Ventures, CloudBees was founded in 2010 by former JBoss CTO Sacha Labourey and an elite team of continuous integration, continuous delivery and DevOps professionals. Follow CloudBees on Twitter, Facebook, LinkedIn and Google+.
About Delta-v Capital
Delta-v Capital is a leading provider of liquidity solutions and growth equity to private technology companies and their shareholders. Founded in 2009 with a focus on providing secondary liquidity to minority investors, the firm has since expanded its scope to include growth equity to support growth-stage technology companies. Delta-v manages over $500 million in capital commitments and targets between $3 and $30 million investments in technology sectors, including enterprise software, information services, cybersecurity, data analytics, cloud, and communications infrastructure. Delta-v has offices in Boulder, CO and Dallas, TX. For more information about Delta-v Capital, visit www.deltavcapital.com.
delta-v defined: n., the total 'effort' required to change from one trajectory to another
About Golub Capital Late Stage Lending
Golub Capital Late Stage Lending offers growth debt opportunities to venture-backed, late stage SaaS companies. Golub Capital's flexible credit solutions offer entrepreneurs and executives the opportunity to finance their future without diluting their ownership. The firm structures offerings to foster long-term partnerships, encouraging portfolio companies to take control of their growth, make strategic acquisitions and expand their product offerings. Golub Capital is a nationally recognized credit asset manager with over $25 billion of capital under management. For over 20 years, Golub Capital has provided credit to help medium-sized U.S. businesses grow.
The firm's award-winning Middle Market Lending business provides financing for middle market companies and their private equity sponsors. Golub Capital's credit expertise also forms the foundation of its Late Stage Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling financing solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 350 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit golubcapital.com.
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