San Diego-based Kandji closed a $60 million Series B after tripling its growth since raising its $21 million Series A last October.
Subscribe to the Crunchbase Daily
The round was led by Felicis Ventures1 with participation from SVB Capital, Greycroft, Okta Ventures, First Round Capital and The Spruce House Partnership. Founded in 2018, the company has raised a total of $88.5 million, according to the company.
Kandji provides mobile device management (MDM) for companies using Apple devices, such as Macs and iPhones. The platform enables quick and secure deployment for remote work, with hundreds of prebuilt application and security settings.
The company had no plans to raise for at least a year after its Series A, but has watched the market explode, especially as the COVID-19 pandemic has made companies look for new ways to enable employees to work from home.
“The market is just massive and growing quickly,” said co-founder and CEO Adam Pettit. “We’re seeing incredible demand.”
While the 100-person company has tripled growth in the last seven months, it expects to do so again by the end of the year, Pettit added.
Eating from the Apple tree
Although many things in the working world are dominated by PCs, Apple is making significant progress in getting its devices used by the mid-market and enterprises, said Niki Pezeshki, partner at Felicis Ventures.
Pezeshki said he has seen projects where the MDM market for Apple should nearly double by 2024, and he sees Kandji benefitting from the tailwinds.
“Apple is just becoming a larger part of the enterprise,” he said.
Kandji now has more than 500 customers since entering the market just 18 months ago. While it anticipates continuing to grow significantly, the MDM market is not light on competition. Pettit said the company’s largest competitor is Jamf, which received a majority investment from Vista Equity Partners in 2017 before going public last July.
The market also includes VMware’s AirWatch, which it acquired in 2014 for $1.17 billion, and ivanti’s MobileIron, which it bought last year for $872 million in stock. However, Pettit said while those solutions provide security for Apple devices, they do not go as deep as Kandji can go.
Despite that competition, Pettit said Jamf going public just further illustrates the size and opportunity of the market.
“We are focused on the long game,” he said. “We look at this as a $10 billion-plus business.”
Illustration: Li-Anne Dias.
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.