Congratulations HashiCorp on Raising a $24M Series B Led by GGV

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Congratulations HashiCorp on raising a $24M Series B financing.  My partners and I at GGV are delighted to have led the round.  We participated in HashiCorp’s Series A financing in September ’14 and I joined the board then, so we’ve had the pleasure of working with co-founders Mitchell Hashimoto and Armon Dadgar for two years.  Along with Mitchell and Armon, we’ve also welcomed the recent addition of Dave McJannet as CEO.  We are incredibly impressed by HashiCorp’s progress and are excited for the company’s future.  Principal among the many elements that drive our enthusiasm are the team, the loyal community around the company and the market.

Team.  Mitchell and Armon are recognized as two of the most talented and forward-thinking software minds on the planet.  They’ve done a great job recruiting a development team to accelerate output and produce the high-quality software that users expect with HashiCorp products.  The rate of product development and innovation coming from HashiCorp is remarkable.  The recent addition of Dave McJannet as CEO has been another major win for the company.  Dave’s keen marketing acumen, his experience building and driving go-to-market efforts, and understanding of HashiCorp’s ecosystem complements Mitchell and Armon incredibly well.  Chemistry among Dave, Mitchell and Armon is remarkable and we’re looking forward to continued high performance from this team.

Community Engagement.  HashiCorp’s open source tools appeal to developers, operators and security professionals.  The company’s popular open source tools, such as Vagrant, Consul, Terraform, Nomad and Vault, continue to enjoy heavy download volume and are seeing incredible deployment and usage at companies across all major industries and geographies.  Startups have certainly adopted HashiCorp’s software (nearly every GGV portfolio company is a user of at least one HashiCorp open source), and the uptake within large enterprise, especially of the company’s commercial tools, has been incredible as well.  This rabidly supportive community will help guide the product roadmap and propel growth for years to come.

Market.  Software is changing. From how its built, to how and where it runs, to how its deployed and secured.  HashiCorp’s DevOps suite is purpose-built to provide one workflow across generations of technologies, enabling decision-makers to take advantage of new technologies, such as micro-services and public cloud, while also fending off lock-in and technology dead-ends.  Software is truly eating the world, so HashiCorp is becoming extremely relevant for more and more companies globally as they become software-driven.  The market for the company’s products is growing rapidly and we believe will continue for the foreseeable future.

We look forward to the continued partnership with HashiCorp on its journey.  The past few years have certainly been exciting, and the next several years are shaping up to be really special!

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