Cloud Directory Platform Provider JumpCloud Lands $75 Million Series E
Denver-based JumpCloud announced that funds managed by BlackRock led its $75 million Series E funding, with participation from existing investor General Atlantic. Remote work drives continued shifts away from legacy and domain-driven IAM solutions and JumpCloud offers a modern cloud-based directory that enable Zero Trust models
JumpCloud has now raised over $165 million, and is strongly positioned for rapid growth as it serves accelerating demand for a modern, cloud based directory and Zero Trust access model. The funding will be used to expand product development, marketing and sales globally; JumpCloud plans to hire an additional 500 people over the next several years.
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“Our market opportunity is exploding as organizations realize legacy domain based approaches to IT infrastructure have become barriers to securely getting work done. JumpCloud offers a solution that is both comprehensive and simple – making it easier for IT to adopt a zero trust access model without infringing on employees’ ability to do their jobs,” said Rajat Bhargava, CEO and co-founder, JumpCloud. “With this investment, we will continue our focus on product-led growth, while scaling the business to meet the needs of users and customers around the world.”
JumpCloud is now used by more than 100,000 organizations spanning over 100 countries, with more than 3,000 paying customers including Cars.com, GoFundMe, ClassPass, Nimbus Therapeutics, Grab, Pulselive, SlimPay, Foursquare, Beyond Finance, and Funding Societies. The JumpCloud platform enables IT to make work happen, providing a modern, easier and lower-cost cloud solution that allows customers to self-deploy, without necessitating a full-scale internal or external technical team. JumpCloud is a better alternative to the patchwork of point solutions integrated with legacy directories that attempt to secure on-premise and remote user access to cloud apps, Windows, Mac, and Linux systems.
“JumpCloud is filling a critical need in the market as companies grapple with the complexity of a remote workforce, and we are thrilled to be leading this round to help further accelerate the company’s success,” said William Abecassis, head of Innovation Capital at BlackRock.
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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.
“JumpCloud has been indispensable for us, as we can centrally manage our users’ identity, SSO connections, and RADIUS access from a single platform,” said Randy Tanenhaus, IT manager at ClassPass. “JumpCloud integrated seamlessly with a lot of automations, making workflows simple and powerful. It has played a critical role in the automation of our onboarding and offboarding of users. This has resulted in massive savings of time, effort and most importantly, costs.”
“Irrimax is growing rapidly, and we need a modern IT infrastructure that can support our business trajectory. Our employees use both Mac and Windows machines and need secure access to our cloud resources to do their jobs,” said David Meyer, vice president of IT at Irrimax Corporation. “We started our identity management evaluation with Okta and Active Directory, but it became apparent that AD was built in the 90s for an on-premise world. The legacy platform, and heavy integration required creates many complexities – slowing down our ability to get work done. We chose JumpCloud as it enables us to meet all our IAM and SSO requirements from a single cloud platform. The JumpCloud team has been a true partner to Irrimax, and we are thrilled to be a part of their success.”
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