Copado used this pitch deck to raise a $96 million round as the startup grows beyond helping customers move to Salesforce
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- Copado closed a $96 billion Series B round led by Insight Partners and Salesforce Ventures.
- The startup makes developer operations tools for Salesforce customers.
- Copado will use the funds to expand its reach outside Salesforce’s core CRM and make acquisitions.
Copado, a DevOps platform originally built to work with Salesforce, has closed a $96 million Series B round led by Insight Partners and Salesforce Ventures.
The round is $70 million in new funding that builds on an initial $26 million investment Copado announced in summer 2020, and brings the firm’s total raised to $117 million. Lead Edge Capital, ISAI Cap Venture, and Perpetual Investors also participated in the round.
Copado decided to raise more money after doubling its revenue in the past six months and seeing increased opportunity, CEO Ted Elliot told Insider. Since the summer, the company hired new leaders from Salesforce and Vlocity, and acquired startup ClickDeploy in September. While it initially focused on helping companies deploy Salesforce’s customer relationship management platform, it now works with platforms like Veeva, nCino, ServiceMax, and SAP, too. It also plans to use its new funding to expand to MuleSoft, Vlocity, and more, Elliot said.
He attributes its progress over the last six months to convincing VCs that Copado would be a “high-quality investment”:
“The ability to scale the business, scale the leadership team, scale the revenue, and demonstrate that we can do acquisitions — and also our focus on becoming a multi-cloud product that could be used outside of just Salesforce — I think all those factors were very interesting to the investment community,” Elliot said.
Elliot declined to share the firm’s current valuation, but said it has increased from its Series A.
He also hinted that additional acquisitions could be on the horizon. In particular, Elliot’s eyeing companies that provide operations security, compliance, and testing. The massive SolarWinds attacks demonstrated that companies and public agencies need to take more precautions when deploying software, he added.
“You need a ledger of what information gets deployed in order to ensure that you don’t have a breach of security through your supply chain of building software,” Elliot said. “These are the areas that keep the CIO up at night.”
Here’s the pitch deck that convinced VCs from Insight Partners and Salesforce Ventures to lead Copado’s funding round: