- Cloud management and integration solutions company CloudBolt Software announced it has raised $35 million in Series B funding. These are the details.
Cloud management and integration solutions company CloudBolt Software announced it has raised $35 million in Series B funding, comprised of equity and venture debt. This round of equity was led by Insight Partners. And the venture debt was issued by Hercules Capital and Bridge Bank.
Gartner reported that 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. And over the past year, CloudBolt has had banner success including doubling the size of its customer base. Plus CloudBolt’s recent acquisitions of Kumolus and SovLabs have significantly strengthened the company’s hybrid cloud management vision.
With the acquisitions, CloudBolt gained two powerful new capabilities. This includes a SaaS-based offering that enables enterprises to visualize public cloud environments like AWS and Azure and continuously optimize them for cost, security, and compliance. And the company is now offering 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’s award-winning cloud management platform and codeless integration solutions have been deployed in enterprises worldwide for hybrid cloud.
KEY QUOTES:
“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. 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.”
— Jeff Kukowski, chief executive officer of CloudBolt Software
“CloudBolt is growing impressively because of their long-term vision for hybrid cloud combined with their near-term execution success. 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.”
— Thomas Krane, Principal at Insight Partners
“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. 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.”
— John Eggbeer, Managing Director at Hercules
“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. 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.”
— Mark Breneman, senior vice president in Bridge Bank’s Technology Banking Group
