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Harness snags $85M Series C on $1.7B valuation as revenue grows 3x

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Harness, the startup that wants to create a suite of engineering tools to give every company the kind of technological reach that the biggest companies have, announced an $85 million Series C today on a $1.7 billion valuation.

Today’s round comes after 2019’s $60 million Series B, which had a $500 million valuation, showing a company rapidly increasing in value. For a company that launched just three years ago, this is a fairly remarkable trajectory.

Alkeon Capital led the round with help from new investors Battery Ventures, Citi Ventures, Norwest Venture Partners, Sorenson Capital and Thomvest Ventures. The startup also revealed a previously unannounced $30 million B-1 round raised after the $60 million round, bringing the total raised to date to $195 million.

Company founder and CEO Jyoti Bansal previously founded AppDynamics, which he sold to Cisco in 2017 for $3.7 billion. With his track record, investors came looking for him this round. It didn’t hurt that revenue grew almost 3x last year.

“The business is doing very well, so the investor community has been proactively reaching out and trying to invest in us. We were not actually planning to raise a round until later this year. We had enough capital to get through that, but there were a lot of people wanting to invest,” Bansal told me.

In fact, he said there is so much investor interest that he could have raised twice as much, but didn’t feel a need to take on that much capital at this time. “Overall, the investor community sees the value in developer tools and the DevOps market. There are so many big public companies now in that space that have gone out in the last three to five years and that has definitely created even more validation of this space,” he said.

Bansal says that he started the company with the goal of making every company as good as Google or Facebook when it comes to engineering efficiency. Since most companies lack the engineering resources of these large companies, that’s a tall task, but one he thinks he can solve through software.

The company started by building a continuous delivery module. A cloud cost-efficiency module followed. Last year the company bought open-source continuous integration company Drone.io and they are working on building that into the platform now, with it currently in beta. There are additional modules on the product roadmap coming this year, according to Bansal.

As the company continued to grow revenue and build out the platform in 2020, it also added a slew of new employees, growing from 200 to 300 during the pandemic. Bansal says that he has plans to add another 200 by the end of this year. Harness has a reputation of being a good place to work, recently landing on Glassdoor’s best companies list.

As an experienced entrepreneur, Bansal takes building a diverse company with a welcoming culture very seriously. “Yes, you have to provide equal opportunity and make sure that you are open to hiring people from diverse backgrounds, but you have to be more proactive about it in the sense that you have to make sure that your company environment and company culture feels very welcoming to everyone,” he said.

It’s been a difficult time building a company during the pandemic, adding so many new employees, and finding a way to make everyone feel welcome and included. Bansal says he has actually seen productivity increase during the pandemic, but now has to guard against employee burnout.

He says that people didn’t know how to draw boundaries when working at home. One thing he did was introduce a program to give everyone one Friday a month off to recharge. The company also recently announced it would be a “work from anywhere” company post-COVID, but Bansal still plans on having regional offices where people can meet when needed.

Source: https://techcrunch.com/2021/01/14/harness-snags-85m-series-c-on-1-7b-valuation-as-revenue-grows-3x/

Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

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The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

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West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

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Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

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The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

Subscribe to the Crunchbase Daily

West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

Checkout PrimeXBT
Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

Avatar

Published

on

The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

Subscribe to the Crunchbase Daily

West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

Checkout PrimeXBT
Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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After $31M Raise, Nuvolo Eyes IPO As Early As 2023

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Nuvolo expects to significantly scale the company after closing a $31 million Series C, looking to hit $100 million in annual recurring revenue by late 2022 and possibly the public market the following year.

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“We plan to use the proceeds to drive this business to $100 million in ARR, a couple billion in valuation, and eventually liquidity in the public market,” said founder and CEO Tom Stanford.

Insight Partners led the Series C raise for the Paramus, New Jersey-based workplace services company. Other investors in the round include New Enterprise Associates, Kaiser Permanente Ventures and Revelation Partners.

“Nuvolo is exactly the kind of company we partner with,” said Henry Frankievich, principal at Insight Partners. “They have a great product with a huge market. Nuvolo is in that very exciting growth stage.”

The platform

Nuvolo’s integrated workplace management systems (IWMS) platform is built on top of ServiceNow and allows customers to manage their operations through one unified platform. Companies often use a variety of systems to manage things like real estate, operational technology, facilities and other assets. Nuvolo lets companies use just one cloud-native platform and consolidate down to one system of record, Stanford said.

In addition, Nuvolo also layers on operational technology security capabilities, letting customers such as health care providers know if medical equipment or other physical assets may be at risk of failing and proactively safeguard them.

While the company faces large competitors in the IWMS market such as IBM Maximo and Tango, Stanford said Nuvolo’s added security layer and cloud-native platform helps differentiate it in the market.

Growth ahead

Nuvolo plans to leverage its partnership with Insight to significantly grow the company in the years ahead, Stanford said. The 300-person company plans on 65 percent to 70 percent growth the next two to three years, hitting $100 million ARR by late next year, Stanford said.

While Nuvolo has customers in several categories, Stanford said life sciences and health care are the company’s largest verticals. Nuvolo currently works with more than 1,550 customers, and has a footprint in 65 percent of U.S. hospitals.

With Nuvolo’s platform expanding beyond the normal IWMS scope and into modern field service management and cybersecurity, Frankievich said, there is significant potential to expand in these large, fast-growing markets.

Stanford has no doubt that could set the company up for an IPO by 2023.

“We love ourselves as an independent company,” he said.

Illustration: Li-Anne Dias.

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Source: https://news.crunchbase.com/news/after-31m-raise-nuvolo-eyes-ipo-as-early-as-2023/

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