INSUBCONTINENT EXCLUSIVE:
HashiCorp, the company that has made hay developing open source tools for managing cloud infrastructure, obviously has a pretty hefty
commercial business going too
Today the company announced an enormous $100 million round on a Unicorn valuation of $1.9 billion.
The round was led by IVP, whose
investments include AppDynamics, Slack and Snap
New comer Bessemer Venture Partners joined existing investors GGV Capital, Mayfield, Redpoint Ventures, and True Ventures in the round
Today investment brings the total raised to $179 million.
The company open source tools have been downloaded 45 million times, according to
data provided by the company
It has used that open source base to fuel the business (as many have done before).
&Because practitioners choose technologies in the cloud
era, we&ve taken an open source-first approach and partnered with the cloud providers to enable a common workflow for cloud adoption
Commercially, we view our responsibility as a strategic partner to the Global 2000 as they adopt hybrid and multi-cloud
This round of funding will help us accelerate our efforts,& company CEO Dave McJannet said in a statement.
To keep growing, it needs to
build out its worldwide operations and that requires big bucks
In addition, as the company scales that means adding staff to beef up customer success, support and training teams
The company plans on making investments in these areas with the new funding.
HashiCorp launched in 2012
It was the brainchild of two college students, Mitchell Hashimoto and Armon Dadgar, who came up with the idea of what would become HashiCorp
while they were still at the University of Washington
As I wrote in 2014 on the occasion of their $10 million Series A round:
&After graduating and getting jobs, Hashimoto and Dadgar reunited in
2012 and launched HashiCorp
They decided to break their big problem down into smaller, more manageable pieces and eventually built the five open source tools currently
In fact, they found as they developed each one, the community let them know about adjacent problems and they layered on each new tool to
address a different need.&
HashiCorp has continued to build on that early vision, layering on new tools over the years
It is not alone in building a business on top of open source and getting rewarded for their efforts
Just this morning, Neo4j, a company that built a business on top of its open source graph database project announced an $80 million Series E
