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Honeycomb's Strong Performance Drives $20 Million Series B Investment to Secure Leadership in ObservabilitySAN FRANCISCO, Feb. 2, 2021 /PRNewswire/ -- Honeycomb, a provider of observability for distributed systems to understand, debug, and improve production systems, announced today the close of a $20 million Series B round led by e.ventures Growth, with participation from Industry Ventures and existing investors Storm Ventures, Scale Ventures Partners, NextWorld Capital, and Merian Ventures. This round of funding comes as Honeycomb continues to see sustained strong business growth and product innovation, and brings Honeycomb's total amount of capital raised to $46.9 million. "The tremendous results delivered by Honeycomb's leadership team have given us the confidence to make a rare investment." - Thomas Gieselmann, e.ventures "We are very pleased Industry Ventures has joined our journey, along with our existing investors, to build an enduring company that developers, DevOps, and Site Reliability Engineering teams both need and trust," said Christine Yen, CEO of Honeycomb. "With a booming interest in Honeycomb's solutions, this infusion of capital enables us to accelerate our product roadmap and further our innovative approach to helping customers efficiently manage the performance of complex software at scale. The valuation achieved in this round of investment is reflective of our market leadership and the continued commitment to building upon our industry-defining solutions." The recent round of funding comes on the heels of a banner year for Honeycomb, which doubled its business to support over 300 fast-growth companies to date. Designed to handle the scale and complexity of modern architectures, Honeycomb's offering empowers engineers and their organizations to manage exponential volumes of data where traditional APM solutions routinely fail. The cloud-based offering provides real-time insights that identify optimizations hidden within complex application systems, enables engineering teams to debug systems faster, and helps businesses focus on building superior customer experiences. Since taking in its last funding round in September 2019, Honeycomb has accomplished significant business milestones, including:
"The tremendous results delivered by Honeycomb's leadership team have given us the confidence to make a rare investment from the growth arm of e.ventures," said Thomas Gieselmann, General Partner of e.ventures. "As the de facto observability tool for businesses, Honeycomb's innovations continue to empower customers with the solutions needed to deliver on the promise of seamless digital experiences. We believe Honeycomb is well positioned and firmly committed to remaining the clear leader within the maturing observability market." About Honeycomb Media Contact: View original content to download multimedia:http://www.prnewswire.com/news-releases/honeycombs-strong-performance-drives-20-million-series-b-investment-to-secure-leadership-in-observability-301219500.html SOURCE Honeycomb |