On Wednesday, Chicago-based Copado announced the closing of its $96 million Series B funding round. This round was led by Insight Partners and Salesforce Ventures, and brings the company’s total funding raised to $117 million.
Copado has created a DevOps platform that integrates with Salesforce to help businesses get more out of the service. This platform can help with agile planning, releases, automation and analytics while reducing the risk of bugs or downtime.
Copado’s product revolves around how businesses use Salesforce, so the fact that Salesforce Ventures co-led this round is important. Essentially, it’s an endorsement from the company that creates the software Copado built its business around. But Copado is just one of many third-party companies that supplement the Salesforce experience. In 2019, Salesforce estimated the auxiliary Salesforce ecosystem to be four times larger than Salesforce itself.
And since so many businesses get value out of using Salesforce, many are turning to Copado to leverage that value even more.
Copado says that 2020 was a big year for growth, with more businesses adopting its platform and tech solutions in general. In the past year, the company grew from less than 200 customers to over 1,000. Its annual recurring revenue increased 120 percent. It also more than doubled its employee headcount, reaching 220 employees worldwide.
This new funding round will help Copado continue that growth momentum. The company plans to use the funding to expand its platform and invest in international growth. Copado currently has dozens of open job listings on its website, with several roles open for its Chicago HQ. Open positions in Chicago include roles in customer success, data science, sales, engineering and more.
“With Copado, businesses can deliver more features, faster, with higher user adoption and increased governance and compliance,” CEO Ted Elliott said in a statement. “While we are thrilled with the results achieved in 2020, we are excited to continue this growth trajectory and focus on building the best DevOps platform for a multi-cloud world.”
