$96m funding to boost tech scale-up’s UK growth
Posted on February 23, 2021 by Jonathan Symcox
A US DevOps platform has raised $96 million and is planning significant growth in the UK.
Chicago-headquartered Copado, which powers some of the world’s largest digital transformations for Salesforce customers, already has an office on Bishopsgate in London.
After it closed the Series B round, it told BusinessCloud it would double its workforce there this year, with plans to grow 200% in the UK.
“The UK is the largest market for Copado outside of the US and contributes to over 25% of the EMEA customer base,” CEO Ted Elliott said.
“We have an office located right next to the Salesforce Tower. Currently we have 10 people already in London with plans to double this year.
“As an enterprise DevOps Platform for Salesforce we are closely aligned with Salesforce’s growth and the markets where they are currently strong. The UK is a strong market, with a large number of global enterprises building new innovations on the Salesforce platform.
“We have consistently hit over 100% YoY revenue growth as a company and expect the UK to grow by over 200% this year. Additionally, we plan to triple the EMEA team with focus on key markets such as the UK, France, Nordics and Germany.”
In the past 12 months, Copado has grown from nearly 200 to over 1,000 customers who rely on its DevOps platform to build, deliver and monitor up to 50% more value from their cloud investments.
The company recorded 120% growth in annual recurring revenue (ARR) and plans to double again in 2021. Copado also more than doubled its workforce, with over 220 employees worldwide.
It says the new investment led by Insight Partners and Salesforce Ventures will accelerate innovation and adoption of its platform.
“The strong performance of Salesforce led to incredible growth for Copado in 2020, resulting in heavy investor interest and an oversubscribed round,” added Elliott.
“Nearly every Salesforce customer is looking to accelerate their development lifecycle, empowering teams to move fast and ship software without the fear of failed deployments.
“With Copado, businesses can deliver more features, faster, with higher user adoption and increased governance and compliance. 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.”