Mattermost has successfully raised $70 million over two funding rounds, with the latest being a Series B in June 2019. The platform offers a self-hosted alternative to Slack, providing secure and customizable messaging tools for enterprises.
Keep reading to explore the intricacies of Mattermost's fundraising journey and the investors backing this innovative platform.
What Is Mattermost?
Mattermost, founded in 2015, is a self-hosted alternative to Slack, offering open-source messaging tools for security-conscious enterprises and developers. Based in San Francisco and Palo Alto, the company focuses on delivering secure, adaptable, and resilient collaboration solutions.
With a team of 51-200 employees, Mattermost serves sectors like defense, government, and critical infrastructure, emphasizing mission-critical collaboration. The platform includes features such as communication channels, process orchestration playbooks, and AI-accelerated workflows.
Thousands of companies download Mattermost's platform every month, benefiting from its robust security measures and flexible deployment options. The company's growth is driven by its commitment to eliminating communication silos and integrating workflows.
How Much Funding Has Mattermost Raised?
- Series A
- Amount Raised: $20,000,000
- Date: February 2019
- Lead Investor: Redpoint Ventures
- Motivation Behind the Round: To support the growth and development of Mattermost as a secure, open-source messaging platform for high-security enterprises.
- Series B
- Amount Raised: $50,000,000
- Date: June 2019
- Lead Investor: Y Combinator
- Motivation Behind the Round: To expand market reach, enhance product offerings, and increase operational capabilities.
Mattermost has raised a total of $70 million across two funding rounds. The current valuation is $200 million (~estimated).
Key Investors
- Y Combinator
- Details: Y Combinator is a renowned startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has been instrumental in the growth of numerous successful companies.
- Investment Focus Areas: Software, enterprise software, information technology.
- Notable Investments: Dropbox, Airbnb, Stripe.
- Redpoint Ventures
- Details: Redpoint Ventures is a venture capital firm that invests in startups across various stages and sectors. It has a strong track record of backing innovative technology companies.
- Investment Focus Areas: Technology, software, consumer internet.
- Notable Investments: Netflix, Stripe, Twilio.
- S28 Capital
- Details: S28 Capital is a venture capital firm focusing on early-stage investments. It aims to support technology and software companies in their initial growth phases.
- Investment Focus Areas: Technology, software, enterprise solutions.
- Notable Investments: Mattermost, other early-stage tech startups.
What's Next for Mattermost?
As Mattermost continues to expand, the opportunities are vast. The platform's integration with popular DevOps tools and its appeal to high-security enterprises position it for significant growth. With over 10,000 server downloads monthly and adoption by top banks and federal agencies, the potential market is substantial.
Future fundraising rounds are likely as Mattermost seeks to enhance its product offerings and market reach. Attracting more venture capital will be crucial for sustaining growth. However, the company faces challenges such as competition from Slack and Microsoft Teams, and the need to maintain stringent security standards.
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