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B Capital led the round with participation from Lead Edge Capital and Salesforce CEO Marc Benioff. 1 It also included follow-on investments from existing investors, including Insight Partners, Crosslink Capital, Bain Capital Ventures, Mango Capital, Y Combinator and Javelin Venture Partners. This new investment gives Armory total funding of more than $82 million since the company was founded in 2016. That includes a $28 million Series B round in 2019, according to Crunchbase data.
The new funding is intended for research and development, customer support, sales and marketing, Daniel Odio, CEO of Armory, told Crunchbase News.
“We saw the opportunity to take this powerful platform and make it accessible by offering it as a SaaS platform,” Odio said. “We’ve hit on a world-changing opportunity to change how humanity develops with code. It’s incredible to see companies, through the magic of open source, use the platform to build to scale and make it work for customers to achieve their objectives.”
The company has tripled its employee count in the past 18 months and doubled its revenue in the last five quarters, he added.
What investors have to say
As part of the investment, Rashmi Gopinath, partner at B Capital, has joined Armory’s board of directors.
Gopinath said in an interview that B Capital had been looking at companies in the developer operations space, which she said was valued at $8 billion to $12 billion. However, after meeting with Armory, she said, “they emerged as the clear winner, and as we met the team, we got more excited about what they were doing.”
She explained that the Spinnaker-as-a-Service market is huge, growing at 20 percent CAGR [compound annual growth rate].
“Given Armory’s relationship with the Spinnaker platform, they are making adoption easy and fast,” she added. “Customers say Spinnaker is becoming the industry standard. The beauty of what Netflix and Google have done was to make sure you could work at scale, and Armory helped to do that. The team will build this into a multibillion company.”
Meanwhile, the Armory investment is Benioff’s fourth in the past few months, according to Crunchbase data. On Oct. 9, we reported on his investment in Mandolin, a digital platform designed to help artists, venues and fans connect. We also reported on tree-free paper product manufacturer Cloud Paper in September, which was one of three investments he made that month. The other two were Humane, a company that creates and sells consumer hardware, software and services, as well as Siolta Therapeutics, a developer of microbiome treatments.
Illustration: Li-Anne Dias