CloudBolt Software, the enterprise leader in cloud management and
integration solutions, today announced $35M in series B funding,
consisting of both equity and venture debt. The equity was led by
Insight Partners, a global venture capital and private equity firm.
The venture debt is issued by Hercules Capital Inc. (NYSE: HTGC),
widely recognized as the largest non-bank source of venture lending
financing for technology, life sciences, and renewable energy
companies, and Bridge Bank, a lender to industry-leading SMBs and
emerging technology-focused ventures.
“As enterprises accelerate their investments in hybrid cloud,
they face growing challenges around shadow IT, lack of visibility,
and complex integrations across their IT and DevOps toolsets,” said
Jeff Kukowski, chief executive officer of CloudBolt Software.
“These factors require a bold, new vision for cloud management
where enterprises must continuously automate, secure, and optimize
their cloud workloads while using their tools of choice. We are
thrilled to have the support of Insight Partners, Hercules, and
Bridge Bank as we build out our technology vision, accelerate our
international expansion, and invest in new partnerships to support
enterprises anywhere on their hybrid cloud, multi-tool
journey.”
According to Gartner, the cloud management platforms and tools
(CMPT) market grew to over $1 billion in 2019 and is expected to
grow at an estimated 20% compound annual growth rate (CAGR) through
2022. Over the past 12 months, CloudBolt has had banner success
including doubling the size of its customer base, being named by
Deloitte as one of the fastest growing technology companies in
North America, and being ranked in the top 15% of all companies on
the Inc. 5000 list. In addition, CloudBolt’s recent acquisitions of
Kumolus and SovLabs have significantly strengthened the company’s
hybrid cloud management vision.
With the acquisitions, CloudBolt gains two powerful new
capabilities: 1) a SaaS-based offering that enables enterprises to
visualize their public cloud environments like AWS and Azure and
continuously optimize them for cost, security, and compliance; and
2) a codeless integration platform, enabling IT to finally reduce
the high cost and complexity of custom coding while providing
better governance over their integration strategy across new and
emerging toolsets like VMware vRealize Automation, HashiCorp
Terraform, and more.
“CloudBolt is growing impressively because of their long-term
vision for hybrid cloud combined with their near-term execution
success,” said Thomas Krane, Principal at Insight Partners. “As
enterprises accelerate adoption of private and public cloud and new
tools for their stack, the challenges around cost control,
visibility, and governance intensify. CloudBolt’s strength in
self-service IT—now married with deep cost management, security,
and integration capabilities—position it as the key enabler for the
enterprise hybrid cloud, multi-tool journey. We are excited to
partner with Jeff and the rest of the executive team in taking
CloudBolt to the next level of
growth.”
“Hercules is proud to partner with CloudBolt and provide the
financing required to advance the company’s product development
efforts and expand its market footprint globally to achieve its
impressive growth objectives,” said John Eggbeer, Managing Director
at Hercules. “We’re impressed with the work that the CloudBolt
executive team has already achieved and look forward to a great
partnership with one of the market leading hybrid cloud software
management companies.”
“We are pleased to enter into a financing partnership with
CloudBolt at this important stage of the company’s history to
advance its product and go-to-market strategy,” said Mark Breneman,
senior vice president in Bridge Bank’s Technology Banking Group.
“We’re confident that CloudBolt’s management team will be able to
seize on the rapidly growing hybrid cloud, multi-tool opportunity
ahead of them.”
About CloudBolt
SoftwareCloudBolt Software is the enterprise
leader in cloud management and integration solutions. Our products
are simple, so you achieve unrivaled time-to-value; our knowledge
is deep, so you have a trusted cloud partner along your journey;
our teams are obsessed with your success, so you become the
enterprise IT hero. Today, CloudBolt’s award-winning cloud
management platform and codeless integration solutions are deployed
in enterprises worldwide for hybrid cloud. Backed by Insight
Partners, CloudBolt Software is a Deloitte Fast 500 company, a
CODiE award winner for cloud management, and featured in Gartner’s
Magic Quadrant for Cloud Management Platforms. For more
information, visit www.cloudbolt.io or follow us on Twitter
@CloudBoltSW.
About Insight PartnersInsight Partners is a
leading global venture capital and private equity firm investing in
high-growth technology and software ScaleUp companies that are
driving transformative change in their industries. Founded in 1995,
Insight Partners has invested in more than 400 companies worldwide
and has raised through a series of funds more than $30
billion in capital commitments. Insight's mission is to find,
fund, and work successfully with visionary executives, providing
them with practical, hands-on software expertise to foster
long-term success. Across its people and its portfolio, Insight
encourages a culture around a belief that ScaleUp companies and
growth create opportunity for all. For more information on Insight
and all its investments, visit insightpartners.com or follow
us on Twitter @insightpartners.
About Hercules Capital,
Inc.Hercules Capital, Inc. (NYSE: HTGC) is the leading and
largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $10.5
billion to over 500 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call (650)
289-3060.
About Bridge BankBridge Bank, a division of
Western Alliance Bank, Member FDIC, helps business clients realize
their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank
offers a better way to bank for small-market and middle-market
businesses across many industries, as well as emerging technology
companies and the private equity community. Geared to serving both
venture-backed and non-venture-backed companies, Bridge Bank
delivers a broad scope of financial solutions including capital,
equipment and working capital credit facilities, venture debt,
treasury management, asset-based lending, SBA and commercial real
estate loans, ESOP finance and a full line of international
products and services. Based in San Jose, Bridge Bank has 16
offices in major markets across the country along with Western
Alliance Bank’s powerful array of specialized financial services.
Western Alliance Bank is the primary subsidiary of Phoenix-based
Western Alliance Bancorporation. One of the country’s
top-performing banking companies, Western Alliance has ranked in
the top 10 on the Forbes “Best Banks in America” list for five
consecutive years, 2016-2020, and was named #1 best-performing of
the 50 largest public U.S. banks for 2019 by S&P Global Market
Intelligence. For more information, visit bridgebank.com.
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