We’re delighted to announce GGV has co-led HashiCorp’s $40M Series C financing, along with Redpoint. This round was raised from existing investors – Mayfield and True Ventures joined GGV and Redpoint in the round.
Our journey with HashiCorp began in 2013 when I met co-founder Mitchell Hashimoto, who, along with his co-founder Armon Dadgar, had shown tremendous vision, building a string of infrastructure automation open source products that were rapidly being adopted by the DevOps community. We were delighted to invest in HashiCorp’s Series A back in September ’14 and I was honored to join the company’s board. We subsequently led the Series B in September of last year to help finance HashiCorp’s initial go to market roll out. The team has executed exceptionally. My partners and I at GGV are very excited about HashiCorp’s prospects and appreciate the chance to have co-led this new financing. Our enthusiasm is driven by several factors:
- Team. Mitchell and Armon are very special founders. Not only are they able to build product rapidly that the market loves, but they’ve shown tremendous vision as well. The speed of development and quality of innovation coming out of HashiCorp remains unparalleled. Dave McJannet, who joined as CEO in mid ’16, has seamlessly integrated with Mitchell and Armon, helping build out the go to market, customer support, marketing and back-office functions. HashiCorp has gone from a product machine to an execution machine, and the company now has the team in place to scale to many times its current size.
- Market. Mitchell, Armon and Dave have helped position HashiCorp in the middle of massive shifts in technology. The enterprise move to public cloud is now in full swing. HashiCorp’s products help power this transition, and whether these deployments are hybrid cloud, multi-cloud, or even multi-geo, enterprises are spared cost, time and pain via HashiCorp. Software architecture is rapidly moving to micro-services and containerization. Again, HashiCorp has anticipated this trend and is empowering users to take full advantage of the flexibility afforded by these technologies. And now, to complement the company’s infrastructure as code paradigm, the team has launched Sentinel to power policy as code across the company’s enterprise products. Market reception remains strong for HashiCorp’s products and, given the strong reputation the company has built, the market now eagerly anticipates HashiCorp’s new releases.
- Community. HashiCorp’s open source products appeal to developers, operators and security professionals. The company’s popular open source software, such as Vagrant, Consul, Terraform, Nomad and Vault, continue to enjoy growing popularity, surging download volume and 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.
We’re so excited to continue to support Mitchell, Armon, Dave and the full team at HashiCorp as they build the company. The first three years of our journey together have been remarkable, and HashiCorp’s future is incredibly bright.