Cloud Computing: New Relic Raises Whopping $80 Million
February 6, 2013
Grazed from Sys Con Media. Author: Maureen O’Gara.
SaaS-based application performance monitoring start-up New Relic, which has already raised $34.5 million in venture capital, has gotten a whopping $80 million in mezzanine financing to move into native mobile applications, open an office in Europe, add staff and prepare to IPO. The handsome sum, which gives it a total of $115 million and a reported valuation of $750 million, comes largely from Insight Venture Partners and T Rowe Price, marking the first time since Twitter that the pair has funded a start-up together.
Other participants include Dragoneer Investment Group, Passport Ventures and the company’s existing investors Allen & Company, Benchmark Capital, Trinity Ventures and Tenaya Capital. New Relic says it saw 200% year-over-year revenue growth including 18 quarters of consecutive growth from playing in the data center and cloud markets monitoring deployed web applications implemented in Ruby, Java, .NET or PHP…
It also doubled its customer base, pushing the number to 35,000 active customer accounts in five years, adding over 1,200 paying customers in the December quarter. It’s supposed to be the industry’s largest installed base for an application performance management solution. It does 85 billion metrics a day and a million app instances are sent to New Relic at any given time…
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