BetterCloud, a US-based software management technology provider backed by data storage software producer Dropbox, completed a $75m financing round on Wednesday led by private equity firm Warburg Pincus.
The round included Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, as well as growth equity fund New Amsterdam Growth Capital and VC firms Accel, Flybridge Capital Partners, Greycroft Partners and E.ventures.
Founded in 2011, BetterCloud has created a software platform that helps enterprises securely manage their software-as-service (SaaS) products from a single place. It has now raised $187m in total and intends to put the latest funding into product development.
BetterCloud chief executive David Politis said: “Every company has seen a dramatic change in how they work, prompting a rush to adopt SaaS applications to enable their workforces.
“Remote work, however, has created a greater need to manage and secure the cloud-based applications that power their businesses. Our customers need us more than ever and this fundraise will help us deliver on our promise to help them navigate this new way of working.”
Dropbox invested $5m in the company in September 2019, in the wake of a $60m series E round in 2018 led by Bain Capital Ventures at a $270m valuation.
The series E round also featured existing investors Accel, Greycroft, Tribeca Venture Partners, Flybridge and New Amsterdam Growth Capital. BetterCloud’s earlier backers include early-stage investment firm BLH Venture Partners.
