Copado raises $140m to expand DevOps platform

Copado, a developer operations (DevOps) platform for Salesforce and other clouds, has raised $140m in series C funding.

The funding round was led by Insight Partners with participation from new investors SoftBank Vision Fund 2Declaration Partners and DG Ventures, as well as existing investors Salesforce VenturesISAI Cap Venture (Capgemini and ISAI joint fund), Lead Edge Capital, and Perpetual Investors. Strategic investor IBM Ventures also participated in the round and will provide global expertise to the company as it expands its international presence.

The new funding brings the total funds invested in Copado to $257m, and the company cited a valuation approaching $1.2 billion.

Copado will use the new funding to expand its DevOps and AI-enabled testing solutions across the leading enterprise SaaS platforms. Proceeds will also be used to fuel international growth, particularly into the Asia-Pacific market with SoftBank and Digital Garage Group’s support.

Ted Elliott, Copado CEO, said: “DevOps is now strategic to every business as digital economies become mainstream. Nearly every company in the world is looking to accelerate their development lifecycle and empower teams to quickly deliver software without the fear of failed deployments. Since I joined Copado, we’ve been focused on making release days obsolete, allowing businesses to deliver more features, faster, more securely and with high quality. Copado is powering the next generation of cross-cloud digital transformation.”

Copado continued its impressive growth in the first half of fiscal 2022, more than doubling annual recurring revenue and tripling the number of new seven-figure client engagements. More than 1100 global brands now run on Copado including AmerisourceBergenCox Automotive and Linde. In the last six months, Copado added Campbell’s, Splunk, Standard Bank and TalkTalk Group to the roster, signed collaboration agreements with industry leaders IBM, SoftBank Robotics and Veeva, and grew to more than 500 employees globally.