Codefresh said Monday it raised a $27 million Series C round of funding to expand open-source and continuous delivery offerings.
Subscribe to the Crunchbase Daily
The raise was led by Red Dot Capital Partners, with participation from Shasta Ventures, as well as some undisclosed existing investors. This brings total funding for Codefresh up to $42 million since the company was founded in 2014 by Raziel Tabib and Oleg Verhovsky.
The company specializes in software development and information technology operations tools, known as DevOps for Kubernetes, a “portable, extensible, open-source platform for managing containerized workloads and services, that facilitates both declarative configuration and automation,” according to Kubernetes.io.
“Every company is a technology company now, and have to differentiate themselves with software, but DevOps is one of the bottlenecks,” Tabib told Crunchbase News. “By using a platform like ours, they can execute on the business and update software faster and not lose momentum.”
Simply put, Codefresh helps companies deploy software faster so they can be more productive, on average, 20 percent to 30 percent more efficient, said Dan Garfield, Codefresh’s vice president of marketing.
We last reported on Mountain View, California-based Codefresh two years ago when the company raised its $8 million Series B. Since then, Tabib said, the company has grown to more than 270 customers as Kubernetes resonates with more people who want to adopt the technology.
The new capital will enable the company to double down on its software and examine where the platform can be deployed more frequently. Codefresh will also be adding to its employee base, with plans to have over 110 employees by the end of the year.
Tabib said Codefresh’s closest competitors are Jenkins, the industry standard for open-source automation servers, and GitLab, an open-source code collaboration platform. Jenkins, in particular, has been around for a long time, and new companies are poised to take over with next-generation tools, according to Garfield.
“There is a race to be the one to replace Jenkins with next-generation tool sets, so it’s a dramatic time with so much innovation happening in the space,” Garfield said.
Meanwhile, with the company growing 10 times over the past two years, as well as growth in its customer base, Tabib said there is a strong signal in the market that companies are interested in platforms like Codefresh.
“Seeing both new customers and new expansion, we expect the DevOps market to grow in the next few years. And as more companies bet on the technology and practices, it puts us in a great position to be market leader in the next year or two,” he said.
Illustration: Li-Anne Dias