Copado $140 Million Series C Investment Tops $1 Billion Valuation
Copado, a Chicago-based independent software company, today announced a $140 million Series C growth equity financing round. Having amassed a total of $257 million in equity investment, this announcement solidifies Copado’s position as the leading Salesforce devops platform vendor.
In a press release, the company said this investment represents a post-money valuation approaching $1.2 billion, which makes Copado one of the most valuable vendors in the Salesforce ecosystem. “DevOps is the engine of digitalization. We believe in Copado’s ability to help companies achieve success in a multi-cloud world and are excited to be collaborating with its world-class team as they continue to deliver unparalleled value to their customers,” said Nikitas Koutoupes, managing director at Insight Partners, who led this latest investment round.
Lots of High Quality Investors
Copado posted a $96 million Series B investment only 7 months ago on February 17, 2021. With today’s equity investment Insight Partners continues to build up its formidable collection of Salesforce-related startups, which also includes OwnBackup.
Japan-based SoftBank Vision Fund 2 is now on board, as well as Declaration Partners and DG Ventures. These are growth funds with plenty of “dry powder,” so a Series D round may be posted just as fast as this latest round.
A bunch of other existing venture and corporate investors are also in this round. The list includes Salesforce Ventures, ISAI Cap Venture, Lead Edge Capital, Perpetual Ventures, and IBM Ventures.
Use of Proceeds
Copado says they will use the new investment to expand into the Asia-Pacific region. They already have a strong presence in Europe, so this should give the company an even bigger global footprint.
Unlike OwnBackup, Copado didn’t talk about doing acquisitions with this Series C announcement. Instead the company emphasized its multi-cloud strategy, which was announced earlier this year. Also, the company emphasized building on the NewContext and Qentinel acquisitions. The company said it plans on bringing more security and AI-enabled test automation to its platform.
Devops Builds The Means of Production
As the world continues to see Salesforce as an app delivery platform for digital transformation, the need for managing Salesforce app delivery is skyrocketing. There is clear evidence of big Salesforce customers finding value in Copado’s Salesforce devops platform, as well as every other devops vendor in the SalesforceDevops.net Top 5 Vendor list.
This is because devops now represents the technical and managerial skills required to make a digital transformation work. Copado has clearly caught the app devops wave on a global basis. And, the company is now riding a monster driven by Salesforce and organizational transformation. A question looming on the horizon is how long will the wave last, and if there will be a smooth transition to long-term, happy customers.