Cloud Infrastructure Automation Company HashiCorp Raises $100 Million At A $1.9 Billion Valuation

By Noah Long ● November 5, 2018

HashiCorp is a cloud infrastructure automation company that has announced it has raised $100 million in Series D funding at a valuation of $1.9 billion. With this round, HashiCorp has now raised $174 million total.

This round of funding was led by IVP. New investor Bessemer Venture Partners also participated in this round. And existing investors GGV Capital, Mayfield, Redpoint Ventures, and True Ventures joined this round as well.

HashiCorp plans to use this round of funding to accelerate its focus on enabling multi-cloud infrastructure automation for Global 2000 organizations. And HashiCorp is planning to invest in its open source and commercial product development while increasing hiring in go-to-market roles. Plus the company is going to continue investing in training efforts for its worldwide customer base to drive further customer success.

“Since our inception, we’ve been deeply committed to enabling multi-cloud,” said HashiCorp CEO Dave McJannet. “Because practitioners choose technologies in the cloud era, we’ve taken an open source-first approach and partnered with the cloud providers to enable a common workflow for cloud adoption. Commercially, we view our responsibility as a strategic partner to the Global 2000 as they adopt hybrid and multi-cloud. This round of funding will help us accelerate our efforts.”

HashiCorp provides solutions for the four main components of infrastructure automation, which includes provisioning, security, networking, and application runtime. While organizations transition to cloud infrastructure, all four of these areas require new and dynamic approaches. HashiCorp’s software can address the needs of dynamic infrastructure with consistent workflows to provision, connect, and run any infrastructure for any application.

Every year, HashiCorp added record numbers of new customers each year since the company started selling commercial products in 2016, including Adobe, Barclays, Citadel, Credit Karma, Deluxe Entertainment, Hulu, Jet.com, Pandora, and SAP Ariba. Now HashiCorp counts over 50 of the Fortune 500 and over 100 of the Global 2000 as its paying customers.

For its open source products, HashiCorp hit 45 downloads of its open-source products in the past 12 months. This is up from 22 million the previous year.

“We see a profound, generational shift in the market with the move to multi-cloud architectures,” added IVP’s Tom Loverro. “HashiCorp is in one of the best strategic positions to take advantage of this shift, with their combination of massive open source adoption, partner endorsement, and an experienced management team to help build the next significant enterprise infrastructure software company. We are thrilled to be part of this journey along with HashiCorp.”