Kentik raises USD40m in Series C round
Kentik, the network observability company, has closed a USD40 million Series C funding round led by existing investor Third Point Ventures.
Investors from prior rounds – August Capital, Tahoma Ventures, DCVC, Engineering Capital and Vistara Growth – were joined by new investors Golub Capital, Gaingels and Delta-v Capital to complete this round. To date, Kentik has raised USD102 million in total financing.
With the explosion of digital business, the API economy and consumer expectations for instantaneous service, applications rely more than ever on network health and performance. At the same time, those networks are increasingly diverse and no longer managed by one group. When there's a service outage or degradation, teams scramble to siloed monitoring tools to understand whether the root cause is a code flaw, cloud infrastructure misconfiguration, network congestion or any number of issues within or outside of their control. And every second of delay directly affects the customer experience and revenue.
"Kentik provides the only platform to unify full-stack observability for network, infrastructure, application and business operations teams. Tech economy leaders like Box, Dropbox, Zoom and hundreds more use Kentik to diagnose and prevent performance issues, optimise across infrastructure, and drive massive growth and customer satisfaction," says Avi Freedman, Co-founder and CEO of Kentik. "This financing will help us accelerate investments in our platform as well as partner with other observability leaders to end the era of fragmented monitoring."
"Kentik's base business continues to grow fast, with great retention and upsell, and its new products are opening up massive new TAM," says Robert Schwartz, Managing Partner of Third Point Ventures. "With strong financial results and excellent growth economics, we're excited to double down on our commitment to Kentik."
"We have full confidence in Kentik as the industry leader in developing network infrastructure software at a pivotal time when networks are becoming increasingly complex," says Rob Sverbilov, Senior Director at Golub Capital. "We are excited to partner with the existing and new investors to support Kentik's next growth phase."
"We look for exceptional companies with committed teams who are making the world better with more than just their product offerings," says Lorenzo Thione, Managing Director of Gaingels. "As the largest investor network focused on supporting companies that value and embrace diverse leadership, we're proud to invest in Kentik's growth, and we are committed to helping as they scale and strengthen the company and continue to build a culture that reflects the diversity of its teams, customers, partners and the market."
Kentik is expanding its world-class team and hiring globally for open positions in engineering, marketing, operations, product management and sales.