BetterCloud, which helps businesses build and protect their cloud applications, has bagged $75m in a funding round led by private equity firm Warburg Pincus.
The capital injection was also backed by previous BetterCloud investors Accel, Bain Capital Ventures, Flybridge Capital Partners, New Amsterdam Growth Capital, Greycroft, and e.ventures.
With the fresh funds, the company is hoping to bolster its development to better service its clients. This includes deepening its product development and expanding the number of supported SaaSOps use cases.
BetterCloud offers SaaS solutions to help companies better discover, manage and secure their cloud applications. Its technology supports lifecycle management, spend optimisation, application configuration, and visibility and auditability.
Furthermore, the company provides cybersecurity tools to protect a business, providing insider threat protection, least privilege access and file security.
Over the past two months, the company has released new Workflow Templates, a partnership with OneLogin and Content Scanning for Google Drive, Microsoft SharePoint and OneDrive, Box, Dropbox, and Slack.
In a blog post announcing the deal, the company said, “BetterCloud is the stitching that makes SaaS adoption successful. In a time when IT is tasked to do more with less, we make that easy. Our customers are seeing BetterCloud’s value build and compound, especially as they automate more things like offboarding, file security, and least privileged access.
“In fact, in the two months since COVID-19 started, we’ve seen a massive uptick in the use of our platform. It’s obvious that BetterCloud is the clear leader, and the tailwinds are picking up.”
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