Leading Feature Management & Experimentation platform accelerates software testing and deployment to increase quality, pace and security of digital innovation
LaunchDarkly, the leading feature management platform for software development teams, announced that it has closed $200 million in Series D financing led by Lead Edge Capital with new investors Top Tier Capital Partners and New York-based global private equity and venture capital firm Insight Venture Partners as well as existing investors Bessemer Venture Partners, Redpoint, Threshold, Uncork Capital and Bloomberg Beta participating. This new funding triples LaunchDarkly’s post-money valuation to $3 billion, representing more than three times growth since its last funding round in January 2020. The new capital will be used to scale its core feature management platform and accelerate customer acquisition across verticals, continue its global expansion, and recruit and hire top-tier talent across engineering, marketing and business development.
The announcement is accompanied by the company’s second consecutive recognition on the Forbes Cloud 100 List, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures. Earlier today LaunchDarkly earned the 47th spot on the list, vaulting 53 spots from the company’s 100th place ranking in 2020.
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“Today’s funding round and recognition on the Forbes Cloud 100 List represent an exciting achievement for both our team at LaunchDarkly and the broader software development industry,” said Edith Harbaugh, LaunchDarkly co-founder and CEO. “From our founding as the first enterprise feature management platform in 2014, to serving peaks of 20 trillion feature flags daily, it’s clear that feature management is a critical component in the future of software development. In today’s technology and experience-driven economy, every company is looking to software development teams to continuously innovate, and we’re excited to keep empowering those teams to build and deploy products and services for their customers.”
“With this new round of funding, we’ll further expand and scale across verticals to support our growing roster of e-commerce, financial services, healthcare and government customers,” said John Kodumal, LaunchDarkly co-founder and CTO. “At a time when these verticals are experiencing a surge in consumer demand and industry disruption, LaunchDarkly will empower both established enterprise and startup companies to accelerate innovation to meet the demands of an increasingly digitally driven world.”
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“The addressable opportunity for LaunchDarkly has grown tremendously. Today, every company around the world is intensely focused on building digital experiences to support their products or services,” said Avery Rosin, Principal at Lead Edge Capital. “LaunchDarkly’s mission-critical feature management platform enhances and optimizes these experiences in a reliable and powerful way. We are thrilled to partner with Edith, John and the entire talented LaunchDarkly team on this next high-growth chapter.”
“LaunchDarkly is a leader in the developer-focused feature management platform industry that has continuously proved their ability to innovate,” said Praveen Akkiraju, Managing Director at Insight Partners. “Edith and John’s vision to eliminate risk for developers and operations teams from the software development cycle is critical to the future of the industry, and Insight Partners looks forward to partnering with the company on its growth journey.”
LaunchDarkly serves over 2,000 customers around the globe, including 22 Fortune 100 companies such as SAP, NBC and Ulta. Additionally, the company plans to grow its global team across hubs in Oakland, CA., New York, NY., Atlanta, GA. and London, UK.
The funding round builds on the company’s recent momentum in which it launched integrations and achieved key regulatory approvals, unlocking expansion to priority verticals. Last month, LaunchDarkly achieved the Federal Risk and Authorization Management Program’s (FedRAMP) “in process” designation at the moderate impact level, showcasing the company’s commitment to security and compliance while serving the public sector. LaunchDarkly also launched an integration with ServiceNow, helping development teams comply with company-wide change management policies by embedding LaunchDarkly approvals into ServiceNow workflows.
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