Loggly Closes $11.5MM of New FinancingJune 14, 2016
Loggly, the leading cloud-based, enterprise-class log management solution provider, today announces an $11.5 million funding round. Led by True Ventures, the new round enables Loggly to continue to innovate as well as to expand sales and marketing activities. Additional investors include Matrix Partners, Cisco, Trinity Ventures, Harmony Partners and Data Collective Venture Capital.
"Following record growth and customer adoption, including reaching the 2,000 paid customer accounts milestone in Q1 2016, this next round of funding marks continued momentum for Loggly. True Ventures – and all Loggly investors – have set the stage for us to build on these achievements," said Charlie Oppenheimer, CEO, Loggly. "This funding enables Loggly to further accelerate innovation in powerful analytics, alerts, search capabilities and other key areas so our customers can find root causes faster, spot anomalies earlier and monitor the health of their applications and infrastructure."
Loggly has become increasingly cash efficient as a result of significant growth in recurring revenues, gross margin and reduction in customer acquisition costs. Combined with record revenue growth from both new and existing customers, the company expects to achieve cash-flow positive operations during 2017.
"True Ventures believes in taking bold risks and supporting our companies through their entire lifecycles," said Puneet Agarwal, Partner, True Ventures. "We are excited to lead this next stage with Loggly and look forward to the continued innovation and growth."
Customers in the gaming and entertainment industry, consumer services, technology as well as marketing and finance platforms, use Loggly as their cloud-based log management service to aggregate all logs in one central place and turn large amounts of log data into valuable insights in real-time.