Copado, a tech startup based in Chicago, has raised $140 million in Series C funding to expand its DevOps platform to power the largest digital transformations
Insight Partners led the round with new investors Declaration Partners, SoftBank Vision Fund 2, and DG Ventures. Existing investors Salesforce Ventures, Perpetual Investors, ISAI Cap Venture, and Lead Edge Capital also joined this round, which valued the startup at $1.2 billion.
The proceeds of the round will be invested in the expansion of Copado’s DevOps and AI-enabled testing solutions across the enterprise SaaS platforms driving today’s digital transformation. The funds will also be used to fuel its international growth, especially in the Asia-Pacific (APAC) market with the support of SoftBank and Digital Garage Group.
Copado has seen rapid growth over the past years, doubling its annual recurring revenue and tripling the number of new seven-figure client engagements. Its workforce has grown to more than 500 employees across the world, which has allowed it to accelerate its expansion.
According to the startup, there are more than 1,100 global brands using Copado’s solutions, including AmerisourceBergen, Cox Automotive, and Linde. The expanding list also added Campbell’s, Standard Bank, and TalkTalk Group over the past 6 months. Philipp Rackwitz, Chief Strategy Officer and co-founder of Copado, referred to this success by stating:
“Today, our customers are asking us to replicate the success they have experienced using Copado with Salesforce on other SaaS platforms. This customer-driven innovation is fueling our growth and multi-cloud expansion strategy. We are excited to find ourselves only at the beginning of this extraordinary journey.”
The digital revolution across different industries has increased the demand for DevOps platforms that improve the efficiency of development and IT operations, which Copado aims to be leading in the following years. To achieve this objective, as well as to bring additional security and AI-enabled automated testing capabilities to its platform, the tech startup acquired New Context and Qentinel.