JFrog, a US-based software management platform developer backed by computing technology producer Dell, filed yesterday to raise up to $100m in an initial public offering Nasdaq Global Select Market.
Founded in 2008, JFrog has developed a technology platform that enables enterprises to continually release new and updated versions of software products. It has approximately 5,800 corporate customers and made a $430,000 net loss in the first half of 2020 from $69.3m in revenue.
The company reportedly received an undisclosed amount from unnamed investors at a $1.5bn valuation in October 2019, an increase of about 50% from a $165m series D round in late 2018 that included Dell’s corporate venture capital unit, Dell Technologies Capital.
VC firm Insight Partners led the series D round, which also featured Sapphire Ventures, Scale Venture Partners, Spark Capital, Geodesic Capital, Battery Ventures and Vintage Investment Partners, bringing JFrog’s overall funding to $227m.
Sapphire Ventures, Scale Venture Partners, Battery Ventures, Vintage Investment Partners, Qumra Capital and unnamed existing investors had provided $50m in a 2016 series C round, two years after JFrog secured $7m from VMware (since acquired by Dell) and existing backer Gemini Israel Ventures.
Gemini Israel Ventures, owner of a 15.8% stake, is the company’s largest shareholder. Its other notable investors are Scale Venture Partners (10.8%), Sapphire Ventures (9.9%), Insight Partners (9.8%), Dell (9.3%) and Qumra Capital (5.2%).
The underwriters for the IPO are Morgan Stanley, JP Morgan Securities, BofA Securities, KeyBanc Capital Markets, Piper Sandler, Stifel Nicolaus, William Blair, Oppenheimer and Needham & Company.
