SnapLogic, a US-based cloud software integration platform backed by software producer Microsoft and credit card provider Capital One, has procured $72m in a round led by growth equity firm Arrowroot Capital.
The round also featured debt asset manager Golub Capital and undisclosed existing investors. It boosted the total raised by the company to $208m, and valued it at $260m pre-money according to PitchBook.
Founded in 2006 as Brown Fox Software, SnapLogic has built an artificial intelligence-driven software platform that acts as a single, unified portal enabling enterprises to connect a wide array of cloud-based applications for tasks such as data engineering and business-to-business operations.
SnapLogic’s Intelligent Integration Platform is intended to streamline the process of connecting cloud-hosted apps to each other so that it can be handled by a wider range of personnel within an organisation, rather than just cloud computing specialists.
The cash will be used to extend the company’s market presence and accelerate international expansion. It raised $40m in a 2016 series F round led by Vitruvian Partners that included Capital One, NextEquity Partners, Ignition Partners, Andreessen Horowitz and Triangle Peak Partners.
The latter three had backed SnapLogic’s $37.5m series E in 2015 alongside Microsoft and Silver Lake Waterman, the growth capital arm of investment firm Silver Lake, after it secured $20m in series D funding from Ignition Partners, Andreessen Horowitz, Triangle Peak, H. Barton Asset Management and Pharus Capital Management in 2014.
Other investors in SnapLogic have included Floodgate, Dhillon Capital, Maples Investments, Naval Ravikant, co-founder of investment platform AngelList, and Brian McClendon, former vice-president at internet and technology conglomerate Alphabet.