BetterCloud Bags $75M Round Led by Warburg Pincus
May 21, 2020
has closed a $75 million financing round led by Warburg Pincus, a
leading global private equity firm focused on growth investing. The
funding brings the company's total amount raised to $187 million.
Participating alongside Warburg Pincus are existing investors Accel,
Bain Capital Ventures, Flybridge Capital Partners, New Amsterdam Growth
Capital, Greycroft and e.ventures.
"In the last decade, we've experienced major inflection points in the
transition to SaaS, from the rise of cloud office suites like
Salesforce, Google Apps, and O365, to what we today call the digital
workplace with a best-in-breed application for virtually every
function," said David Politis, CEO, BetterCloud. "But the forced move to
remote work in the last two months has accelerated this shift — and
there's no turning back."
With many companies implementing a work-from-home policy, BetterCloud
has seen significant growth in the use of their industry leading SaaS
management platform. The new capital will be used to accelerate product
innovation to meet this rise in demand and to ensure the company is
supporting the rapidly evolving needs of its customers.
Politis continues, "Every company has seen a dramatic change in how they
work, prompting a rush to adopt SaaS applications to enable their
workforces. Remote work, however, has created a greater need to manage
and secure the cloud-based applications that power their businesses. Our
customers need us more than ever and this fundraise will help us deliver
on our promise to help them navigate this new way of working."
partner with category creators and market leaders — BetterCloud has both
these attributes and much more. David and his team have developed an
impressive SaaSOps category and movement from scratch, building a
platform that helps tens of thousands of IT professionals enable their
workforces through SaaS applications," said Brian Chang, Managing
Director, Warburg Pincus.
Samuel Lipsick, Principal, Warburg Pincus adds, "We look forward to
partnering with BetterCloud as demand for their platform accelerates in
this new era of more distributed work."
Warburg Pincus has invested more than $17 billion in technology
companies since inception, and is one of the most active growth
investors in enterprise technology and SaaS. Notable technology
investments include CrowdStrike, Avalara, Privitar, BitSight, and
Contrast Security, among others.