BetterCloud Raises $75 Million in Latest Funding Round Led by Warburg Pincus
NEW YORK, May 20, 2020 /PRNewswire/ -- BetterCloud, the leading SaaSOps platform for managing and securing the digital workplace, today announced it has closed a $75 million financing round led by Warburg Pincus, a leading global private equity firm focused on growth investing. The funding brings the company's total amount raised to $187 million. Participating alongside Warburg Pincus are existing investors Accel, Bain Capital Ventures, Flybridge Capital Partners, New Amsterdam Growth Capital, Greycroft and e.ventures.
"In the last decade, we've experienced major inflection points in the transition to SaaS, from the rise of cloud office suites like Salesforce, Google Apps, and O365, to what we today call the digital workplace with a best-in-breed application for virtually every function," said David Politis, CEO, BetterCloud. "But the forced move to remote work in the last two months has accelerated this shift — and there's no turning back."
With many companies implementing a work-from-home policy, BetterCloud has seen significant growth in the use of their industry leading SaaS management platform. The new capital will be used to accelerate product innovation to meet this rise in demand and to ensure the company is supporting the rapidly evolving needs of its customers.
Politis continues, "Every company has seen a dramatic change in how they work, prompting a rush to adopt SaaS applications to enable their workforces. Remote work, however, has created a greater need to manage and secure the cloud-based applications that power their businesses. Our customers need us more than ever and this fundraise will help us deliver on our promise to help them navigate this new way of working."
"We partner with category creators and market leaders — BetterCloud has both these attributes and much more. David and his team have developed an impressive SaaSOps category and movement from scratch, building a platform that helps tens of thousands of IT professionals enable their workforces through SaaS applications," said Brian Chang, Managing Director, Warburg Pincus.
Samuel Lisick, Principal, Warburg Pincus adds, "We look forward to partnering with BetterCloud as demand for their platform accelerates in this new era of more distributed work."
Warburg Pincus has invested more than $17 billion in technology companies since inception, and is one of the most active growth investors in enterprise technology and SaaS. Notable technology investments include CrowdStrike, Avalara, Privitar, BitSight, and Contrast Security, among others.
The new financing follows key initiatives launched by BetterCloud in 2020, including a strategic partnership and technology integration with OneLogin, a leader in identity and access management, and the launch of BetterCloud Content Scanning for Google Drive, Microsoft SharePoint and OneDrive, Box, Dropbox, and Slack.
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