Total amount raised
$69 Millions
Latest funding date
11/1/2021
Location
Upbound has successfully raised significant capital through multiple funding rounds, with notable investors such as Titanium Ventures and Google Ventures backing the company. The platform offers a managed control plane designed to enhance cloud adoption and infrastructure management.
Keep reading to delve into the details of Upbound's fundraising journey and the strategic investors supporting this innovative platform.
What Is Upbound?
Founded in 2017, Upbound is based in Seattle, Washington. The company was established by Bassam Tabbara.
Upbound specializes in platform engineering and cloud computing, offering a managed control plane platform. This platform helps organizations build, deploy, and operate internal developer platforms using managed control planes powered by Crossplane.
With a team of 11-50 employees, Upbound focuses on improving security, velocity, tech modernization, and multi-cloud capabilities for platform teams.
How Much Funding Has Upbound Raised?
- Series A
- Amount Raised: $9M
- Date: May 2018
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the initial version of their managed control plane platform.
- Series B
- Amount Raised: $60M
- Date: November 2021
- Lead Investors: Altimeter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand go-to-market efforts, accelerate product development, and enhance services and support offerings.
Total amount raised: $69M. Current valuation: Not publicly disclosed.
Key Investors
- Altimeter Capital
- Details: Altimeter Capital is a venture capital and private equity firm that invests in technology companies. They focus on companies with significant growth potential.
- Investment Focus Areas: Technology, growth-stage companies, public and private markets.
- Notable Investments: Snowflake, Roblox, Unity Technologies.
- Google Ventures (GV)
- Details: GV is the venture capital arm of Alphabet Inc., investing in various sectors. They support companies at different stages of growth.
- Investment Focus Areas: Technology, life sciences, consumer products.
- Notable Investments: Uber, Slack, Medium.
- Intel Capital
- Details: Intel Capital is the global investment organization of Intel Corporation. They focus on technology startups that align with Intel's strategic interests.
- 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. They invest in technology and innovation.
- Investment Focus Areas: Technology, innovation, telecommunications.
- Notable Investments: Box, DocuSign, BigCommerce.
What's Next for Upbound?
Upbound is poised to capitalize on the growing demand for cloud-native solutions, driven by the rise of Kubernetes and the modernization of enterprise infrastructure. With a recent $60 million Series B funding round, the company is well-positioned to expand its global reach, accelerate product development, and enhance its service offerings. The integration of Crossplane into existing software delivery pipelines presents a significant opportunity for growth.
Future fundraising efforts may include additional venture capital rounds or strategic investments, as Upbound continues to scale. However, the company will need to navigate challenges such as competition from other cloud management solutions and ensuring seamless integration with a wide range of tools. Maintaining rapid growth while addressing security and compliance requirements will be crucial for Upbound's continued success.
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