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Total amount raised
$20.5M
Latest funding date
2021-10-26
Location
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.
What Is Testlio?
Founded by Marko Kruustuk and Kristel Kruustuk, Testlio began its journey in Tallinn, Estonia. The company specializes in providing scalable QA solutions through networked testing, 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
- Lead Investors: Undisclosed
- Motivation Behind the Round: To kickstart the company's initial operations and development.
- Seed Round
- Amount Raised: $213,000
- Date: August 2013
- Lead Investors: Techstars, Right Side Capital Management
- Motivation Behind the Round: To further develop the platform and expand the team.
- Convertible Note
- Amount Raised: $1,000,000
- Date: November 2014
- Lead Investors: Undisclosed (participants include Upslope Ventures, Geekdom Fund, Right Side Capital Management, Click Ventures, and individual angels)
- 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, Geekdom Fund
- Participants: Yee Lee, Pat Matthews, Lew Moorman, Carman Chan, and others
- 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 12, 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.
- Series B Round
- Amount Raised: $12,000,000
- Date: October 26, 2021
- Lead Investors: Spring Lake Equity Partners
- Participants: Altos Ventures, Vertex Ventures US
- Motivation Behind the Round: To expand client services, deepen platform capabilities, fuel brand awareness, drive geographic sales expansion, and provide secondary proceeds for veteran Testlio employees.
Total Amount Raised: At least $20.5 million based on disclosed funding rounds.
Valuation: Approximately $100 million (as reported at Series B close in October 2021).
Key Investors
- Spring Lake Equity Partners
- Details: Spring Lake Equity Partners is a Boston-based private equity firm that invests equity capital primarily in later-stage, technology-oriented companies. Jeff Williams, Partner at Spring Lake, joined Testlio's board of directors as part of the Series B.
- Investment Focus Areas: Technology, SaaS, Software
- Notable Investments: Testlio (Series B lead)
- Altos Ventures
- Details: Altos Ventures is a Silicon Valley-based venture capital firm investing in early- to growth-stage technology companies. Anthony Lee, Managing Director, joined Testlio's board and participated in both the Series A and Series B.
- Investment Focus Areas: Technology, SaaS, Consumer Internet
- Notable Investments: Roblox, Coupang, SendBird
- Vertex Ventures US
- Details: Vertex Ventures US is part of the global Vertex Ventures network. Insik Rhee, General Partner, participated in both the Series A and Series B rounds for Testlio.
- 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 participated in Testlio's early seed rounds.
- 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 participated in Testlio's 2015 Seed round.
- Investment Focus Areas: Technology, Education, Co-working
- Notable Investments: SendGrid, Pivotal Tracker, Cloud Elements
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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