CloudBolt Announces $35 Million in Series B Funding Led by Insight Partners
NORTH BETHESDA, Md., Nov. 18, 2020 (GLOBE NEWSWIRE) -- 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 capabilites: 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.”
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