Jellyfish Raises $31.5 Million Series B Funding to Expand Reach of Engineering Management Platform
BOSTON, Jan. 12, 2021 /PRNewswire/ -- Jellyfish, the pioneer Engineering Management Platform that helps engineering leaders align engineering work with strategic business objectives, has raised $31.5 million in a Series B round of funding led by Insight Partners and joined by previous investors Accel and Wing Venture Capital. Jellyfish plans to leverage this latest investment to accelerate its mission of helping engineering leaders connect their team's day-to-day operations to business priorities—elevating engineering leaders from executors to influencers of business strategy.
Jellyfish saw extraordinary growth and momentum in 2020, increasing revenue by 5X and doubling its employee count. With COVID-19 contributing to a global transition to remote work, engineering leaders from companies such as DataRobot, Skillsoft, and ZoomInfo turned to the platform to get visibility into what their teams are working on and how it aligns with the priorities, needs, and strategic initiatives of the company.
"Jellyfish's impressive growth signals that there is a crucial market need for an informed, data-driven approach to engineering leadership," said Matt Gatto, Managing Director at Insight Partners, who will join the Jellyfish Board of Directors. "Companies spend millions of dollars on engineering resources with little understanding of where it's being spent or how resources are being allocated. Jellyfish is the clear leader in solving this, and we're excited to partner with them as they seize this massive market opportunity."
"We are thrilled to welcome Insight to the Jellyfish family to scale our mission," said Andrew Lau, Co-Founder and CEO at Jellyfish. "Today, most executives have easy access to data to inform business decisions. But engineering insights for business decisions are still scarce, even in a world where software development has become the foundation of modern business. We're on a mission to change that with the Engineering Management Platform that allows engineering leaders to enable the strategic conversation, adding to product strategy and overall company direction."
The investment allows Jellyfish to scale its customer base as it becomes the Engineering Management Platform of choice for modern technology companies. With the support of investors Insight Partners, Accel, Wing Venture Capital, Pillar VC, and First Star Ventures, the company plans to expand its team across all areas of the business in 2021.
"Jellyfish allows us to take a data-driven approach to engineering management," said Madhav Nair, Senior Vice President of Engineering at ZoomInfo. "Instead of relying on anecdotal information and manual data collection, we now have a real-time, holistic view of how the team is spending their time to ensure they're aligned with the strategic direction and needs of the organization. We can scale with confidence, knowing we're investing in areas that add strategic value to the business."
Jellyfish is the pioneer Engineering Management Platform that enables engineering leaders to align engineering work with strategic business objectives. By analyzing engineering signals and contextual business data, Jellyfish provides complete visibility into engineering organizations, the work they do, and how they operate. Companies like New Relic, SessionM (A Mastercard Company), Medium, and Toast use Jellyfish to optimize the allocation of engineering resources to focus their teams on what matters most to the business.
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 www.insightpartners.com or follow us on Twitter @insightpartners.