The new round contains both primary and secondary funding, making Insight the majority stakeholder in the company while Fortissimo Capital — which acquired Incredibuild in 2018 — retains a stake.
CEO Tami Mazel Shachar said the time was right for the company to raise money as it saw its revenue increase 55 percent and its annual recurring revenue grow to about $20 million. She said her goal is to grow revenue 80 percent and believes Incredibuild can be a $1 billion company in two years.
“I want to push us as fast as I can,” she said.
Growing through a pandemic
Incredibuild’s platform allows companies to distribute processes across idle power in a network; allowing for accelerated product development at reduced costs. The platform set the company up at the intersection of a few trends last year, as companies moved faster to the cloud with a distributed workforce, and sought to build and ship more software, Mazel Shachar said.
In addition, one of the company’s main verticals is gaming, which also saw a significant pick-up last year, she added.
The company, founded in 2002, now has more than 800 customers, including Microsoft, Amazon, Citibank and Barclays, and expects those numbers to grow as it looks to expand further into the U.S. and Japan, Mazel Shachar said.
Less than half its revenue currently is from the U.S. market and the company believes it has barely scratched the surface there, she said. While options such as open-source solution FASTBuild and CloudBees compete in the market, choices are few for enterprises, Mazel Shachar said.
“This space is hungry for technology,” she said. “This space is hungry for acceleration.”
Teddie Wardi, managing director at Insight, said his firm looks to invest in companies that solve customer pain points, strong products and sound business models — boxes that Incredibuild checks.
“Incredibuild fits this criteria as its technology helps developers become more efficient and thus allows companies and teams to ship more software and cut down on compute costs,” he said.