NEW YORK — BetterCloud, a developer of Software-as-a-Service (Saas) operations management platform, has closed a $60 million Series E financing round led by new investor Bain Capital Ventures. Also participating are existing investors Accel, Greycroft Partners (through Greycroft Growth), Flybridge Capital Partners, Tribeca Venture Partners, and New Amsterdam Growth Capital. This new round brings BetterCloud’s total funding to $107 million.
Enrique Salem, managing director at Bain Capital Ventures and former president and CEO of Symantec, will join BetterCloud’s board of directors.
“The rapid rise of SaaS in the enterprise is transforming the way we do business, but it’s also shedding light on a new set of security management challenges and blind spots,” said Salem. “BetterCloud saw these growing issues before anyone knew they existed and created a best-in-class platform for managing and controlling SaaS environments. We are thrilled to have the company join our portfolio – adding to an extensive list of security investments – and to play a part in furthering its growth and success.”
The new funding will be used to expand the company’s sales and marketing and accelerate product innovation for BetterCloud’s SaaS operations management platform.
“Every new technology creates unforeseen security blind spots when introduced in the enterprise — we saw this with the rise of mobile devices and the cloud, and now it’s happening with SaaS,” said David Politis, CEO of BetterCloud. “As businesses create digital workspaces, they are shifting to SaaS at an astronomical rate, seeing these blind spots, and realizing that taking control of their application security is no longer an option — it’s an imperative. With this capital, we will double down on the development of our platform and further enable our customers to get ahead of SaaS sprawl and the security and operational challenges it creates.”
BetterCloud says it serves over 2,500 customers in 60+ countries that rely on it for continuous event monitoring, quickly remediating threats, and fully-automated policy enforcement. The company has headquarters in NY and over 160 employees.