Global private equity and venture capital firm Insight Venture Partners has led an $80m mezzanine financing round for New Relic, a provider of SaaS-based application management backed by investors including Allen & Co and Benchmark Capital.
The financing will help the company to expand into the mobile market, extend its operations to Europe and increase its enterprise footprint, all in preparation for a future public offering, the California-based company said in a statement released today.
The financing also included a “major” investment from T Rowe Price Associates, in addition to contributions from Dragoneer Investment Group, Passport Ventures and the company’s existing investors Allen & Company, Benchmark Capital, Trinity Ventures and Tenaya Capital.
The round comes on the heels of a record year for New Relic, in which the company nearly tripled its revenue growth and more than doubled its customer base.
New Relic’s software as a service claims to provide real-time visibility into the health of applications to create a more reliable customer experience, whether the applications originate in the cloud, web or mobile environments.
The company counts ESPN, Nike and Sony among its clients, as well as collaboration, ecommerce, gaming and social media businesses such as Comcast, E*Trade, eHarmony, GitHub, Groupon, Mashable, MercadoLibre and Zumba.
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