Apprenda, the leader in enterprise Platform as-a-Service (PaaS), announced a $16 million Series C financing round led by Safeguard Scientifics, Inc. (NYSE:SFE) with participation from existing investors Ignition Partners and New Enterprise Associates. In addition, Philip D. Moyer, managing director, technology, Safeguard, will join Apprenda’s board of directors.
Apprenda will use the funding to accelerate adoption of its private Platform as-a-Service (PaaS) that has helped existing Global 2000 and mid-market enterprise customers including JP Morgan Chase, Memorial Sloan Kettering and AmerisourceBergen optimize IT and realize new revenue streams through software built on Apprenda’s platform. Apprenda will also use the Series C to expand the aggressive customer growth the company has enjoyed by building out product, strategic alliances, sales, client services and marketing functions. The Series C round brings the company’s total financing to date to $32 million.
“For sixty years, Safeguard has supported and funded entrepreneurs and innovations that have had a transformative impact on our lives, and we believe that Apprenda is a game changer for the enterprise cloud market,” said Moyer. “Apprenda has achieved extraordinary traction with thousands of enterprise applications running in production on its platform. With a great team of co-investors coupled with a strong management team, we are excited to support Apprenda as the company expands its leadership in enterprise cloud computing.”
“Cloud has caused a major disruption in IT infrastructure creating a new breed of software-defined enterprises that are turning to PaaS to modernize infrastructure and build applications faster, better and more cost-effectively in order to impact the bottom line,” said Sinclair Schuller, co-founder and CEO, Apprenda. “Apprenda has seen massive adoption in the enterprise space with the leading Global 2000 companies using our solution to fuel application development, and we plan to use this round of funding to continue to grow our market share as more companies turn to us for private and hybrid PaaS solutions.”