US-based software development tool provider Copado received $140m yesterday in a series C round featuring telecommunications conglomerate SoftBank, internet company Digital Garage, enterprise software provider Salesforce and computing technology producer IBM.
Growth equity firm Insight Partners led the round, which included Declaration Partners, Lead Edge Capital, Perpetual Investors and Isai Cap Venture – a vehicle formed by Capgemini Ventures, a subsidiary of consultancy Capgemini, and venture capital firm Isai.
The corporate investors took part through SoftBank Vision Fund 2, DG Ventures, Salesforce Ventures and IBM Ventures respectively. The cash was secured at a $1.2bn valuation.
Founded in 2013, Copado has built DevOps tools designed for organisations to unify activities carried out by software development, IT and business planning teams on the Salesforce platform.
The company will use the cash to further develop its artificial intelligence-powered Copado Robotic Testing automated testing product and expand its presence in the Asia-Pacific market.
Salesforce Ventures and Insight Partners had co-led a $96m extension to Copado’s series B round, in February this year, which included Isai Cap Venture, Lead Edge Capital and Perpetual Investors.
Insight Partners had already led a $26m tranche for the round eight months before featuring Salesforce Ventures, Isai Cap Venture, Lead Edge Capital and Perpetual Investors, taking Copado’s total funding to $47m. It had received $8.8m in a 2018 series A round led by Insight Partners that included Salesforce Ventures.
