Total amount raised
$69 Millions
Latest funding date
11/01/2021
Location
Title
Upbound has successfully raised $69 million over two funding rounds, positioning itself as a significant player in the enterprise cloud management space. The platform leverages Crossplane to offer robust solutions for building and managing cloud-native platforms.
Keep reading to explore the intricacies of Upbound's fundraising journey and the investors backing this innovative platform.
What Is Upbound?
Upbound, founded by Bassam Tabbara, is a pioneering platform for building internal cloud platforms using control planes. The company operates from multiple locations, including Seattle, San Francisco, and Europe.
With a team of 51-200 employees, Upbound enables organizations to manage their cloud platforms efficiently. The platform allows for quick deployment, management, and security of cloud-native infrastructure.
Upbound's innovative approach has positioned it as a leader in enterprise cloud management, offering robust solutions tailored to modern organizational needs.
How Much Funding Has Upbound Raised?
- Series A
- Amount Raised: $9,000,000
- Date: May 2018
- Lead Investors: GV (Google Ventures)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To automate multi-cloud management and extend Kubernetes' capabilities.
- Series B
- Amount Raised: $60,000,000
- Date: November 2021
- Lead Investors: Altimeter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the open-source Crossplane project and its commercial version.
Total Amount Raised: $69,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Altimeter Capital
- Details: Altimeter Capital is a venture capital firm known for its investments in high-growth technology companies. It led Upbound's Series B funding round.
- Investment Focus Areas: Technology, software, cloud computing
- Notable Investments: Snowflake, Roblox, Unity Technologies
- GV (formerly Google Ventures)
- Details: GV is the venture capital arm of Alphabet Inc., providing funding to technology companies at various stages. It led Upbound's Series A funding round.
- Investment Focus Areas: Technology, life sciences, consumer products
- Notable Investments: Uber, Slack, Nest
- Intel Capital
- Details: Intel Capital is the investment arm of Intel Corporation, focusing on technology startups. It participated in Upbound's Series B funding round.
- Investment Focus Areas: Technology, artificial intelligence, cloud computing
- Notable Investments: Red Hat, VMware, Cloudera
- Telstra Ventures
- Details: Telstra Ventures is the venture capital arm of Telstra, an Australian telecommunications company. It also participated in Upbound's Series B funding round.
- Investment Focus Areas: Technology, telecommunications, cybersecurity
- Notable Investments: Box, DocuSign, CrowdStrike
- Unnamed Angel Investors
- Details: These are individual investors from the cloud-native community who participated in Upbound's Series A funding round. Their specific identities are not disclosed.
- Investment Focus Areas: Cloud-native technologies, startups
- Notable Investments: Not specified
What's Next for Upbound?
Upbound stands at the cusp of a significant opportunity in the multi-cloud management market. With the increasing adoption of multi-cloud strategies, the company is well-positioned to develop a universal control plane that integrates with major cloud vendors like AWS, Azure, and IBM. This could make Upbound a pivotal player in the cloud management ecosystem, similar to Kubernetes and Linux.
Given the substantial market potential, future fundraising opportunities seem promising. If Upbound continues to execute its vision, it may attract further investment to scale its operations and enhance its product offerings. However, the company will need to navigate challenges such as competition from established solutions like Google Anthos and Red Hat OpenShift, and ensuring widespread adoption and community support for Crossplane.
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