- Tines recently announced it closed $55 million in an extended Series B round. These are the details.
Tines recently announced it closed $55 million in an extended Series B round.
Funding amount: $55 million
Funding round: Extended Series B round; Total series B amount now $81 million
Total raised so far: $96.2 million
Investors: Felicis led the extension as a new Tines investor while existing investors Accel, Blossom Capital, Addition, and Lux Capital also participated.
Board changes: Aydin Senkut of Felicis will be joining the board as well as Tom Killalea, former Vice President of Technology at Amazon.com.
What the funding will be used for: This extension will enable Tines to accelerate adoption by enterprises globally.
The new funding round takes place on the same terms as the initial Series B and represents a strong markup in valuation for the Dublin-based startup co-founded by CEO Eoin Hinchy and COO Thomas Kinsella, both experienced security leaders, in 2018. The initial Series B close of $26 million, led by Addition, was announced in April 2021. And since then, Tines has increased its revenue by 5X and its customer base has grown by 4X. The company currently employs more than 150 employees worldwide.
What Tines do: Tines is no-code automation for security teams. And it’s the only platform that bypasses the need for programming skills, delivering powerful automation straight into the hands of front-line analysts and operators.
KEY QUOTES:
“We are excited to be partnering with Eoin, Thomas, and the Tines team in their next phase of growth. As the global economy weakens, many businesses are having to rethink their strategies and contend with fewer resources and leaner teams. Security is a key challenge that needs to be met head-on as cyberattacks continue to increase in volume and sophistication. Tines is on a mission to remove technology barriers and make SecOps teams on the frontlines more effective and efficient with smaller teams, providing an accessible on-ramp to more streamlined operations.”
— Aydin Senkut, Founder and Managing Partner of Felicis
“We’re thrilled to be working with Felicis. Tines is tailor-made to help other companies do more with less. We’ve worked really hard to become a market leader, and now is not the time to slow down; we believe the need for no-code automation has never been greater. We’ll use this investment to double down on our go-to-market efforts, research and development, and partnership alliances, and continue to ruthlessly focus on our priorities.”
“Tom has been an angel investor of Tines since the beginning and has added so much value. He is an extremely experienced operator and is a terrific addition to our board.”
— Eoin Hinchy, Co-founder and CEO of Tines
“Tines has created a flexible and robust tool with such simplicity that it’s no wonder why the world’s most iconic companies are customers, using the platform for everything from security to employee onboarding. We are delighted to partner with Eoin and Thomas as Tines becomes ubiquitous for no-code workflow automation.”
— Jake Storm, Principal at Felicis
