Testlio has successfully raised $8.5 million over five funding rounds, with the latest being a Series A in April 2016. The company specializes in ensuring exceptional customer experiences through comprehensive QA testing services.
Keep reading to explore the intricacies of Testlio's fundraising journey and the investors backing this innovative platform.
What Is Testlio?
Founded by Marko Kruustuk and Kristel Kruustuk, Testlio began its journey in Tallinn. The company specializes in providing scalable QA solutions through crowdsourcing, ensuring exceptional customer experiences on any device and in any location.
Testlio manages the entire QA process, from receiving the build to delivering a report of critical bugs. Their services include manual testing, test automation, and fused testing, catering to various industries with extensive coverage across devices, payment methods, countries, and languages.
With a team of 51-200 employees, Testlio continues to grow, leveraging a global network of over 10,000 freelance testing experts and quality engineers to meet the diverse needs of their clients.
How Much Funding Has Testlio Raised?
- Seed Round
- Amount Raised: $25,000
- Date: July 2013
- Motivation Behind the Round: To kickstart the company's initial operations and development.
- Seed Round
- Amount Raised: $213,000
- Date: August 2013
- Motivation Behind the Round: To further develop the platform and expand the team.
- Unknown Round
- Amount Raised: $1,000,000
- Date: November 2014
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Seed Round
- Amount Raised: $1,000,000
- Date: March 2015
- Lead Investors: Techstars Ventures, Galvanize, Yee Lee, Pat Matthews, Lew Moorman, Carman Chan
- Motivation Behind the Round: To provide on-demand QA testers and support the initial growth of the company.
- Series A Round
- Amount Raised: $6,250,000
- Date: April 2016
- Lead Investors: Altos Ventures, Vertex Ventures
- Motivation Behind the Round: To expand infrastructure in San Francisco and Tallinn, and to diversify services beyond mobile testing.
Total Amount Raised: $8.5 million
Current Valuation: $50 million (~estimated)
Key Investors
- Altos Ventures
- Details: Altos Ventures is a venture capital firm that invests in early-stage technology companies. They have a strong track record of supporting startups through their growth phases.
- Investment Focus Areas: Technology, SaaS, Consumer Internet
- Notable Investments: Roblox, Coupang, SendBird
- Vertex Ventures
- Details: Vertex Ventures is a global network of venture capital funds. They focus on early-stage investments in technology and healthcare sectors.
- Investment Focus Areas: Technology, Healthcare, Fintech
- Notable Investments: Grab, Waze, CyberArk
- Techstars Ventures
- Details: Techstars Ventures is the venture capital arm of Techstars, a global startup accelerator. They invest in companies that have participated in their accelerator programs.
- Investment Focus Areas: Technology, SaaS, Fintech
- Notable Investments: SendGrid, Sphero, ClassPass
- Galvanize
- Details: Galvanize is a venture capital firm that also provides co-working spaces and educational programs. They support startups through investment and community resources.
- Investment Focus Areas: Technology, Education, Co-working
- Notable Investments: SendGrid, Pivotal Tracker, Cloud Elements
- Yee Lee
- Details: Yee Lee is an individual investor known for his strategic investments in technology startups. He has a background in product management and engineering.
- Investment Focus Areas: Technology, SaaS, Consumer Internet
- Notable Investments: Not specified
What's Next for Testlio?
Testlio's future looks promising as it plans to expand beyond mobile app testing, leveraging its global network of QA testers for real-world testing across various geographies, languages, and device types. This expansion presents a significant opportunity, especially as the demand for quality assurance in software development continues to grow.
With the recent $6.25 million funding round, Testlio is well-positioned to build out its infrastructure in San Francisco and Tallinn. This growth could attract further investment, enabling the company to scale its services and possibly explore acquisitions to enhance its capabilities. However, managing a global network of testers and maintaining consistent quality across diverse environments will be challenging as the company scales.
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