US-based software development and IT operations platform provider Copado raised a series B extension on Wednesday to close the round, co-led by enterprise software producer Salesforce, at $96m.
Insight Partners also co-led the round, which was filled out by Perpetual Investors, Lead Edge Capital and ISAI Cap Venture — a joint venture fund for consulting firm Capgemini’s investment arm, Capgemini Ventures, and venture capital firm ISAI.
Salesforce participated through its corporate venture capital arm, Salesforce Ventures. The same setup of investors had provided an initial $26m tranche in June 2020.
Founded in 2013, Copado supplies DevOps applications that help enterprise customers foster collaboration between their software development and IT operations teams through Salesforce’s software platform.
Over the past 12 months, Copado recorded a 120% increase in its annual recurring revenue and plans to double this in 2021.
The company will use the series B proceeds for its international growth and to expand the capabilities of its technology platform.
Ted Elliott, chief executive officer of Copado, said: “The strong performance of Salesforce led to incredible growth for Copado in 2020, resulting in heavy investor interest and an oversubscribed round.”
The company has obtained $117 of funding to date, it said. Salesforce Ventures also participated in an $8.8m series A round for Copado in September 2018, which was led by Insight Partners.