What Cloudsmith’s Series B Means for Our Customers
Today we announced Cloudsmith is officially a Series B company. This $23M fundraising round was led by TCV, with participation from Insight Partners, as well as most of our existing investors. What a vote of confidence in our team, our vision, and our market!
I joined Cloudsmith as CEO in 2023 for two reasons: (1) artifact management and software supply chain security are mission-critical to enterprises, and (2) there’s an opportunity for serious disruption of JFrog and Sonatype, the two legacy players.
We now have a pile of evidence that proves this thesis. Over the past year, we’ve closed over 100% of our total pipeline at the start of each quarter. The demand is there. The average deal size is up 5x. We now boast an impressive roster of Fortune 500 and Global 2000 companies that have made the switch - on behalf of their hundreds of software teams and thousands of developers - to Cloudsmith’s cloud-native, massive-scale platform.
That kind of growth attracts investor attention. Software is the lifeblood of every company in every industry. Writing better, more secure software, and deploying it to production faster, is a massive competitive advantage. Having a bulletproof artifact management platform to power your software supply chain delivers that advantage. I’m grateful to our partners at TCV and Insight for believing in Cloudsmith as the company to provide that platform, and welcome Morgan Gerlak from TCV to our board of directors.
Fundraising is an exciting, emotional roller coaster. It’s easy to get distracted. But we have serious work to do. It’s on us - the team here at Cloudsmith - to live up to our promises to our customers and the market. To deliver even deeper support for all popular formats across languages, operating system libraries, and containers. To provide a bridge between the CISO’s vision for security, and the VP Engineering’s need for developer efficiency. To scale up the Cloudsmith platform so we continue to be the fastest and most reliable solution on the market. To address a wider variety of deployment use cases. To make it easier to verify the provenance of artifacts that make it into your software supply chain.
When we closed our A2 round 14 months ago, I wrote that we’d expand our customer success organization to deliver world-class onboarding services; we’d invest in engineering and innovation; and we’d expand our global footprint. We’ve done all of that and more. We’ll keep investing in our customers’ success. We want software developers to have a delightful experience selecting open-source packages. We want platform engineering teams to rely on Cloudsmith as a trusted partner in building software. We want cybersecurity professionals to lean on Cloudsmith as their key tool for implementing software usage policies.
Thank you to our investors, Cloudsmithers, and, most importantly, our customers for powering the Cloudsmith journey. Onward!
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