New Relic, the SaaS-based cloud application performance management provider, today announced that it has closed a $15 million expansion financing round led by new strategic investors DAG Ventures and Four Rivers Group with participation from existing investors Allen & Company, Benchmark Capital, Tenaya Capital, and Trinity Ventures. The funding will be used to scale the business to meet overwhelming demand from small, mid-size and enterprise organizations for a SaaS-based solution to manage their cloud application environments.News Highlights
- New Relic has experienced tremendous growth and is one of the fastest growing SaaS companies with over 200 percent year-over-year revenue growth, due to the increased adoption of web applications in the cloud. The company supports over 14,000 active customers including recent additions Comcast, Nike, and Zynga, and manages more than 6 billion user transactions daily. The company also recently announced the addition of new President and Chief Operating Officer, Chris Cook.
- Announced last week, New Relic’s Server Monitoring saw more than 5,000 deployments in the first four days. Server Monitoring is the third critical component in New Relic’s single SaaS product, which also provides end user monitoring and application monitoring for complete visibility into application performance.
- New Relic is the only provider to support all major web languages, including Ruby, PHP, Java, .NET and Python. The company manages more cloud-based applications than all other providers combined and counts leading PaaS providers Heroku, EngineYard, CloudBees, Acquia and ActiveState among its cloud partners.
"The market for application performance management is a $3 billion market today, and we believe over 80 percent of all web applications will ultimately be managed by SaaS offerings like ours. We have a strong first-mover advantage, and an unprecedented opportunity to redefine web application management, by making it affordable and consumable by everyone." — Lew Cirne, New Relic Founder and CEO.
"Web applications are at the heart of almost every business today, big and small. More and more companies are moving app development into the cloud so they can focus on feature development and scale quickly with demand. And with New Relic's business model, instead of taking customers dollars and putting them into sales and marketing, they invest in far more in product and engineering, giving users the best imaginable application development with frictionless adoption." — Peter Fenton, Benchmark Capital, New Relic Board Chairman.
"We've been watching New Relic's progress for quite a while. The rapid growth of their business and user community, as well as the expansion of their product in such a short period of time is remarkable. They are the only SaaS APM provider prepared to service this multi-billion dollar market in the years to come." — Nicholas Pianim, Managing Director, DAG Ventures.
"New Relic has a clear vision for the future of this market and is uniquely positioned to reshape what it means to manage web applications. Businesses need to be able to monitor applications as quickly as they build them, regardless the language or platform they use, whether in the cloud or on-premise. We look forward to innovating even more new technology features within the product and expanding our business to meet increasing demand from enterprise organizations." — Chris Cook, New Relic President & COO.Online Resources