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Verizon Ventures helps CloudBees raise $11.2m Series C

5 Mar 2014

software binary code computerTelecommunications group Verizon’s venture capital arm has led an $11.2m Series C round for enterprise platform as a service (PaaS) company CloudBees.

Existing investors Matrix Partners and LightSpeed Venture Partners also participated in the round alongside new backer Blue Cloud Ventures.

The round brings the CloudBees’ fundraising total to $25.7m. The Woburn, Massachusetts company said it will use the funds to roll out additional product capabilities, fund sales expansion and extend the reach of its brand to drive revenues growth.

Verizon Ventures executive director Dan Keoppel said, “Enterprise cloud application development and delivery is an innovative space that’s growing quickly. As enterprises rush to adopt cloud services, PaaS speeds that adoption.”

One of the company’s backers, Lightspeed, recently secured a $60m commitment from the New York State Teachers’ Retirement System towards two new funds targeting a total of $800m.

 

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