HashiCorp Raises $40 Million to Meet Demand for Cloud Infrastructure AutomationOctober 24, 2017
HashiCorp, a leader in cloud infrastructure automation, today announced that it has raised $40 million in Series C funding from its existing investors, bringing the total raised to $74 million. The round was led by GGV Capital and Redpoint, with Mayfield and True Ventures also participating. The company plans to use the new funding to accelerate investment across its go-to-market, engineering, and customer success teams to support its rapidly growing customer base.
"Broad usage of our products by operations, security, and development professionals has meant that HashiCorp products play an increasingly critical role for many large enterprises as they adopt cloud," said Dave McJannet, CEO of HashiCorp. "Our products provide consistent workflows to provision, secure, connect, and run any infrastructure, so we are uniquely positioned to help enterprises address the realities of multi-cloud. Our commercial customer base has grown significantly over the past 18 months and this funding will allow us to invest aggressively across the breadth of our organization and with a particular emphasis on customer support and success."
Mitchell Hashimoto and Armon Dadgar, HashiCorp’s founders and co-CTOs, launched the company in 2012.
In the past year, HashiCorp has seen growth and success across all of these key areas:
- The company had record numbers of new customers in each of the four quarters since the company began selling commercial products, including Adobe, Barclays, Citadel, Comcast, Ellucian, Lotto New Zealand, New Relic, SAP Ariba, Segment, and Spaceflight.
- HashiCorp had 22 million downloads of its open source products and released 150 updates across its suite of enterprise and open source products.
- The company extended its work with key cloud providers, including Alibaba Cloud, AWS, Google Cloud, Microsoft Azure, and Oracle Cloud.
- HashiCorp launched the HashiCorp Partner Program, which expanded to include resellers and system integrators in North America, EMEA, and Asia Pacific.
- HashiCorp held its third annual HashiConf user and technology conference with more than 800 attendees and featuring speakers from organizations including Adobe, Barclays, Box, Bridgewater, eBay, Fastly, Google, Joyent, Microsoft, PagerDuty, Under Armour, and others.
- The community now has HashiCorp User Groups in 44 cities around the world and nearly 8,000 members.
- The company expanded its executive team to include leaders for its support and customer success, finance, and marketing functions.
"This past year, HashiCorp has begun to see really amazing results from both the market’s shift to multi-cloud architectures and the focus the company has put into its products, its team, and building its community and organization," said Glenn Solomon, managing partner at GGV Capital and a member of HashiCorp’s Board of Directors. "We are eager to work closely with the company to dramatically accelerate efforts on all fronts to meet this immense wave of enterprise interest and adoption."
"We think HashiCorp is a key component for making cloud adoption work," said Scott Raney, partner at Redpoint. "The company is devoting its energy to supporting the large, global companies that are making bets on the cloud. This round of investment will enable HashiCorp to continue to build aggressively on its success in both the open source community and with large enterprises."