Cloud Directory Platform JumpCloud Extends Oversubscribed Series E to $100 Million
Remote Work Accelerating Cloud Transformation and Requirement for Cloud Directory Platform
JumpCloud announced that it has added $25 million to its Series E financing, closing the oversubscribed growth round at $100 million. Funds managed by BlackRock led the round, with additional investment from an affiliate of H.I.G. Growth Partners, OurCrowd, and participation from existing investor, General Atlantic. JumpCloud announced its $75 million Series E initial closing on November 10, 2020 and has now raised in total nearly $200 million. The Series E will be used to expand product development, marketing, and sales globally. As part of its move to support growing demand, JumpCloud also announced the addition of Kevin Biggs as Chief Revenue Officer to the executive leadership team.
“2020 lock-downs forced organizations to modernize legacy domain-based approaches to IT infrastructure. That has driven demand for JumpCloud’s directory platform, which makes it easier for resource constrained IT teams to adopt a zero trust security model,” said Rajat Bhargava, CEO and co-founder of JumpCloud. “As global interest in our platform grows, we continue to add experienced talent across our teams. Kevin Biggs is a phenomenal leader who will drive new growth and maturity in our sales organization. His successful track record with Blue Coat, D2L, IBM, and OneLogin, as well as a people focused approach, fit very well with our culture. We are thrilled to have him join.”
The explosion of the cloud combined with remote work have fundamentally changed requirements for managing and securing access to the resources people use to get work done. Domain based directories extended through a patchwork of point solutions are too complex and too expensive for many IT teams. JumpCloud reimagined the directory to fit the modern world with an open, cloud-based directory for secure, frictionless access from any authorized device to virtually any IT resource, anywhere. This approach unlocks new possibilities for IT to make work easier and more secure.
JumpCloud is now used by more than 100,000 organizations spanning over 100 countries, with more than 3,000 customers including Cars.com, GoFundMe, ClassPass, Nimbus Therapeutics, Grab, Pulselive, SlimPay, Foursquare, Beyond Finance, and Funding Societies.
JumpCloud customers have been vocal about their success with the platform. A recent customer survey of roughly 1,000 JumpCloud IT Admins showed that 87% of JumpCloud users have recommended or would recommend JumpCloud. The company received 5 stars in 2020 Gartner Peer reviews for its Access Management capabilities, and the Fall G2 Grids recognize JumpCloud as a leader in five Identity Access Management (IAM) vendor review categories: Identity and Access Management (IAM) Software, Single Sign-On (SSO), Cloud Directory Services, Privileged Access Management, and User Provisioning and Governance Tools. The company was also awarded 5 stars by SC Magazine in its June product Identity and Access Management vendor review.
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Investor and Customer Quotes
“As a fast growing fintech investment platform, we have been happy JumpCloud customers for the past few years. There is nothing like a global pandemic to show you how important JumpCloud’s solution has become to provide secure access to multiple resources, from any location, and from any device. JumpCloud’s comprehensive, yet simple to deploy tools bring the end user back into the center of the concentric cloud circle, thereby truly powering the future of the workplace,“ said Chaim Meir Tessler, general partner at OurCrowd.com.
“JumpCloud is revolutionizing the multi-billion-dollar identity & access management (IAM) and device management (DM) sectors with its robust, yet easy-to-use directory solution. The Company’s exponential growth and global customer base is a testament to the massive shift in the way IT professionals manage access, authentication, security, and resources for heterogeneous environments around the world,” said Scott Hilleboe, managing director of H.I.G. Growth Partners. “We believe JumpCloud’s innovative platform uniquely positions it to become the industry leader for SME IT management, and we’re excited to support this next phase of growth.”
“We started rolling out JumpCloud in January 2020 and then COVID-19 happened,” said Idan Mashaal, director of cybersecurity at Plus500. “This caused us to shift our plan so we could eliminate disruptions to employees working from home across seven countries. Our rollout during the pandemic allowed us to boost security efforts and at the same time provide us with much better management and visibility capabilities over our endpoints, thus making the work from home situation easy to manage and helping us make progress towards a zero trust architecture.”
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