BetterCloud, a New York City-based SaaS operations management platform, has raised $60 million in Series E funding. The most recent round brings the seven-year-old company’s total funding to $107 million.
Bain Capital Ventures led the Series E round, and was joined by backers including existing investors Accel, Greycroft Partners (through Greycroft Growth), Flybridge Capital Partners, Tribeca Venture Partners and New Amsterdam Growth Capital. As part of the deal, Bain Capital Ventures managing director Enrique Salem, the former president and Chief Executive Officer (CEO) of cybersecurity pioneer Symantec, will join BetterCloud’s board of directors. Accel’s Arun Mathew will also join the board.
The SaaS company helps more than 2,500 unique customers across over 60 countries manage, streamline and secure their SaaS tools. In 2015, BetterCloud closed its latest round at $25 million at a valuation of $135 million, according to data from Pitchbook. After the latest fundraising, BetterCloud would now be worth around $270 million, as reported by Forbes.
Over the past three years, the company has been generating revenue momentum and winning various awards in recognition of its leadership position at the helm of the high-growth SaaS operations management space. Towards the end of 2017, as growth at BetterCloud accelerated, the company signed multiple million-dollar contracts and posted a record fourth quarter, according to Forbes.
BetterCloud indicates that it will use the new funding to scale both sales and marketing operations, as well as build out its core product suite. The startup, which sells to IT departments and rests outside of the Silicon Valley tech bubble, will hire aggressively, adding to its team of 160 people across offices in New York, Atlanta and San Francisco.
“We plan to double down on product innovation,” said David Politis, the CEO of the cloud security company, in an interview with Built In NYC. “We want to take the platform to the next level by building out new features and making it even more robust than it is.”
Since launch, Politis says that his company’s mission has been to provide a platform that helps enterprises deal with unforeseen security blind spots. The heightened demand for BetterCloud’s solutions has been driven by a rapid adoption of SaaS and the need to protect critical business data.