CloudBees raises $245M to advance and accelerate product innovation

CloudBees announced it has closed a $150 million Series F financing round at a pre-money valuation of $1 billion. The company also closed a $95 million debt facility to accelerate growth.

The financing was led by client vehicles advised by Goldman Sachs Asset Management Private Credit (“Goldman Sachs Asset Management”), with new investments from funds affiliated with Morgan Stanley Private Credit (“Morgan Stanley”) and Bridgepoint Capital, along with repeat investors HSBC, Golub Capital, and Delta-v Capital.

The new capital will be used by CloudBees to advance and accelerate product innovation, recruit and develop talent, expand its footprint in markets like Asia Pacific, and broaden its global and regional partnerships.

“CloudBees shapes the way some of the most sophisticated businesses deliver software and innovation to their customers. It’s how enterprises compete and win in a world that is transformed by the continuous delivery of meaningful, secure, and compliant digital experiences,” said Stephen DeWitt, CloudBees CEO. “This investment round will help CloudBees achieve new levels of innovation, attract and grow talent, and expand globally. One thing, however, will remain the same: our hyper-focus on guiding enterprise customers – operating at immense scale in the most demanding, complex and multi-cloud environments – to reimagine the way they build their platforms for software delivery.”

“CloudBees’ customers are moving beyond the notion of just DevOps to enabling all teams involved in delivering software – engineering, operations, security, and beyond – to continuously improve customer experiences,” said Eric Riley from Goldman Sachs Asset Management. “We see an inflection point of market opportunity, and are pleased to support the company, its leadership team, and their customers in their digital transformation journeys.” The financing includes both equity and debt instruments.

CloudBees has a decade-long history of being the go-to software delivery provider for enterprises, including market powerhouses such as Autodesk, Broadridge, Capital One, DZ BANK, Fidelity Investments, HSBC, IHG, Morningstar, Pegasystems, Salesforce, Social Security Administration, The Hartford, the United States Air Force, and the United States Citizenship and Immigration Services.

The CloudBees roster boasts 21 customers with annual recurring revenue greater than $1 million. In fact, 41 percent of CloudBees’ customers have annual revenue above $1 billion and 26 percent have more than 10,000 employees.

In 2021, CloudBees brought on new executive leadership, including CEO Stephen DeWitt who joined the company in February. CloudBees has attracted new executive team members with deep experience in scaling high-growth enterprise software companies, including at SAP, Splunk, Cobalt, RedHat, Cloudera, PayPal, Automation Anywhere, HP, HSBC, Cisco, Symantec, and Chegg.

Since its previous funding round in 2018, CloudBees has:

• Announced new products for continuous integration, continuous delivery, release orchestration, feature management, analytics, and continuous compliance
• Acquired leading companies to bolster its product portfolio and offerings, including CodeShip, Electric Cloud, Rollout, and Neuralprints
• Increased its number of employees by 70 percent to more than 500
• Been named to G2’s Top 100 Software Products for 2021 and G2’s Top 50 Enterprise Software Products for 2020 and 2021
• Earned G2’s Enterprise Leader designation for continuous integration for 10 consecutive quarters and claimed the number one position in feature management in Fall 2021
• Consistently ranked as a category leader and strong performer by major industry analysts for continuous integration, continuous delivery, release orchestration, and value stream management, including the 2018 and 2019 Gartner Magic Quadrant for Application Release Orchestration, the 2018 Forrester Wave: Continuous Delivery And Release Automation, the 2019 Forrester Wave: Cloud-Native Continuous Integration Tools, the 2020 Forrester Wave: Continuous Delivery And Release Automation, and the 2020 Forrester Wave: Value Stream Management Solutions