After securing $165 million in Series D funding, software developer JFrog has reached a reported $1 billion valuation. While the exact valuation was not disclosed, CEO Shlomi Ben Haim did confirm the most recent round does value the company at more than $1 billion.
Investors Are Interested
When asked about the valuation Ben Haim remarked, “I don’t want to get into details, but we exceeded the billion dollar valuation. We are north of $1 billion already and we are building the company to generate the revenue to justify it.” The round was led by Insight Venture Partners in association with Battery Ventures, Spark Capital, Saphhire Ventures, Scale Venture Partners, Dell Technologies Capital, Vintage Investment Partners, and Geodesic Capital. The most recent round of funding places JFrog’s total funding above $226.5 million.
JFrog Streamlines the User Software Experience
One of the primary aims of JFrog is to eliminate the need to manually update user software. In order to do this, JFrog delivers binary updates to software continuously in the background unnoticed by users. This binary delivery approach allows users to update their software without going offline or disrupting its usage.
JFrog’s Two Exceptional Core Products
In order to accomplish this goal, the JFrog platform utilizes two core products. The first and foremost ism JFrog Artifactory. This product is a repository where developers can upload their new software updates. From there JFrog sends the update to software users seamlessly in order to install said updates without disrupting the user’s experience. The other of the company’s two core products is Bintray, which supports scalability as a native repository for update distribution.
A Bright Future
According to Ben Haim, the company has seen 500% revenue growth since closing its $50 million of Series C funding back in 2016. Also according to Ben Haim, JFrog currently boasts over 4,500 customers, including 70% of Fortune 500 companies. Ben Haim states the company’s goal is to reach $1 billion in revenue by 2025.
The Right Time to Be in Developer Tools
And by all indications the company is on pace to do just that. After Microsoft’s multi-billion dollar purchase of GitHub, it seems a very good time for investor interest in such ‘developer tools’.
JFrog is just such a tool. These notions that this is a particularly hot moment for developers tools are only bolstered when considering Red Hat’s recent $250 million acquisition of CoreOS and Atlassian’s steadily rising share price.
Just how long the investor interest in such software developer tools will last is anyone’s guess, but for now JFrog seems particularly well-positioned.