Cloud management platform company behind the open-source Crossplane project, Upbound announced that it has raised $60 million in new funding. The new funding includes a Series B round led by Altimeter Capital with participation from GV, Intel Capital, and Telstra Ventures. The funding round comes after the company’s announcement of 10x quarter-over-quarter recurring revenue growth.
Raised $69M in total
Upbound, founded by Bassam Tabbara in 2017, has raised $69 million in total. The company also stated that the funding round will be used to broaden its worldwide go-to-market efforts, accelerate product development, and expand its services and support offerings.
Its Universal Cloud Platform allows its users to transform the internal operations into a cloud platform easily. It also simplifies infrastructure management and empowers developers with self-service capabilities. The company introduced Crossplane in 2018 as a Universal Control Plane for the cloud computing era. Users can integrate Upbound to their software delivery pipelines enabling “GitOps for everything” workflows. Upbound and Crossplane work out of the box with thousands of tools and products in the cloud-native ecosystem. Bassam Tabbara, founder and CEO of Upbound said,
« We started Upbound four years ago realizing the industry was at a pivotal moment, and that customers more than ever wanted to consume services and deploy abstractions across multiple vendors. We see platform engineering teams everywhere building their own internal modern day Heroku. Today’s funding announcement ensures we continue to help them on their journey with innovative products and services. »
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