Tackle.io Closes Series B Financing from Andreessen Horowitz and Bessemer Venture Partners to Transform Digital Experience for Buying and Selling Enterprise Software
$35 Million in Funding, On Top of Rapid Growth in 2020, Establishes Tackle as the Cloud Marketplace Platform Leader
Tackle.io, a software company dedicated to helping software providers generate revenue through the Cloud Marketplaces, announced it has raised $35 million in Series B funding, in a round led by Andreessen Horowitz and joined by existing investor Bessemer Venture Partners. This round of funding will be used to further Tackle’s platform innovation and mission to transform the experience of selling and buying enterprise software.
As a result of the COVID-19 pandemic, companies have accelerated their move of applications and processes to the cloud, and cloud spend is expected to grow by 18% this year, with $505 billion of it on enterprise software (Gartner). However, the fact is that it remains a laborious, time-consuming, and costly process to buy and sell enterprise software. AWS, Azure, and Google Cloud Marketplaces offer faster access to software for buyers and a faster way to close business for sellers, but integrating software with these Marketplaces is complex and requires heavy resourcing.
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Tackle’s Cloud Marketplace Platform is the only solution on the market built to accelerate revenue generation on the Cloud Marketplaces. Its zero-engineering approach and unique set of features enable and optimize the Cloud Marketplace experience, allowing companies to list, market, and sell quickly, easily, and cost-effectively.
“One of the most significant trends in all of B2B software is how it is being bought,” said Martin Casado, General Partner at Andreessen Horowitz. “Cloud Marketplaces have become a primary channel for selling software quickly and conveniently. Tackle is the leading player for enabling companies to sell software through the cloud. We believe every enterprise software company should be using them.”
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“Okta enables organizations to securely connect the right people to the right technologies at the right time, and bringing the Okta Identity Cloud to AWS Marketplace allows us to make our platform available to even more organizations. The Tackle Cloud Marketplace Platform helped us to rapidly launch in AWS Marketplace and immediately accelerate a meaningful deal,” said Maureen Little, VP Technology Partnerships at Okta. “The best part was that it removed a lot of burden from our engineering and product teams.”
Funding Follows Record Year of Growth
2020 was a year of significant growth for Tackle, driven by digital transformation and the acceleration of cloud spending across all industries. Key metrics include:
- Tripled annual recurring revenue (ARR) and doubled the customer base
- Drove over $200 million in software purchases through the Tackle Cloud Marketplace Platform
- Doubled the number of Tackle employees to meet customer demand and to accelerate product innovation
“This investment from Andreessen Horowitz and Bessemer Venture Partners is an enormous validation of the impact Tackle has had on the Marketplace purchasing experience. We’ll continue to make it painless for sellers to get started without the need for developers so they can innovate on their own products,” said John Jahnke, CEO of Tackle. “Our vision remains to revolutionize the way software is bought and sold, and this funding will rapidly accelerate our ability to deliver on that.”
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