Copado Closes $96 Million in Series B Round to Enable Faster and Safer Digital Transformation of the World’s Largest Enterprises in a Multi-Cloud World
Copado, a leading DevOps platform powering the world’s largest digital transformations, today announced it has closed $96 million in Series B funding, bringing the total funds invested in the company to $117 million. The financing was co-led by Insight Partners and Salesforce Ventures, with additional investment from Lead Edge Capital, ISAI Cap Venture (Capgemini and ISAI joint fund), and Perpetual Investors. Copado will use the new funding to expand its leading enterprise DevOps platform and fuel international growth.
2020 accelerated the digital imperative for every company, raising executive expectations of the speed, quality and visibility required to run a digital business at scale. CIOs are using cloud platforms like Salesforce to transform their businesses. Copado enables large digital teams to move fast, at scale, with the quality and governance required to safely connect and master a multi-cloud network.
In the past 12 months, Copado has grown from nearly 200 to over 1000 customers who rely on its DevOps platform to build, deliver and monitor up to 50% more value from their cloud investments. The company recorded 120% growth in annual recurring revenue (ARR) and plans to double again in 2021. Copado also more than doubled its workforce, with over 220 employees worldwide.
“The strong performance of Salesforce led to incredible growth for Copado in 2020, resulting in heavy investor interest and an oversubscribed round,” said Ted Elliott, Chief Executive Officer for Copado. “Nearly every Salesforce customer is looking to accelerate their development lifecycle, empowering teams to move fast and ship software without the fear of failed deployments. With Copado, businesses can deliver more features, faster, with higher user adoption and increased governance and compliance. While we are thrilled with the results achieved in 2020, we are excited to continue this growth trajectory and focus on building the best DevOps platform for a multi-cloud world.”
Recent Company Accomplishments
- Copado was named “Best DevOps Startup” in the DevOps Excellence Awards and its DevOps 360 platform was awarded a Gold Stevie in The 2020 International Business Awards® in the DevOps Solution category.
- Through the Copado Academy, the company trained more than 30,000 Copado certified DevOps professionals worldwide. In partnership with Mason Frank International and Revolent, Copado launched the DevOps Talent Center, the industry’s first and only resource for Salesforce DevOps training, certification and staffing.
- Copado acquired ClickDeploy in September to provide a free DevOps tool for customers just embarking on their DevOps journey.
- The company launched Copado Government Cloud to give public sector agencies, contractors and federally funded research projects the scale, security and governance required for modern Salesforce projects.
- Copado attracted several Salesforce veterans to join its leadership team, including Rip Gerber, Pat McQueen and Ram Reddy.
“Copado is perfectly positioned to address a multi-billion dollar opportunity,” said Nikitas Koutoupes, Managing Director at Insight Partners and Copado board member. “The company has proven their ability to redefine how organizations plan, build, and deliver customer experiences with Salesforce and has a powerful vision and clear roadmap to scale that vision across multiple cloud applications. Copado’s continued market momentum is rare for a company at this stage. That is a credit to the company’s world-class team and disruptive products.”
“One of the key trends we’re seeing in the market is a focus on not only increasing release velocity but improving quality which can only be achieved with a strong DevOps practice,” said Brian Neider, Partner at Lead Edge Capital. “Every CIO understands that Salesforce delivery teams are growing in size and the technical requirements are becoming increasingly complex. Organizations are rapidly adopting DevOps best practices in order to move quickly, at scale and with confidence. That’s why we’re excited to work with Copado’s stellar leadership team as they continue to deliver exceptional customer value in the Salesforce ecosystem and beyond.”
Copado blog: https://www.copado.com/learning/blog/
About Insight Partners
Insight 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 http://www.insightpartners.com or follow us on Twitter @insightpartners.
Copado is the leading DevOps platform enabling the world’s largest digital transformations on Salesforce. Copado accelerates Salesforce deployments, simplifies the release process, increases developer productivity and maximizes return on cloud investments. Copado DevOps 360™ includes Agile Planning, Continuous Delivery, Automated Testing and Compliance. Backed by Insight Venture Partners and Salesforce Ventures, more than 500 of the world’s largest digitally transformed companies run on Copado including Boston Scientific, Coca-Cola, Fair Trade, Linde, MassMutual, Schneider Electric and Shell. Copado processes over 50 million DevOps transactions per month and is rated with a 100% score on the Salesforce AppExchange. More information can be found at: http://www.copado.com