Berlin-based VC firm Earlybird announced that it is investing $3.5 million in RhodeCode, a provider of enterprise software file versioning and collaboration solutions. DFJ Esprit has also joined the round which will be used in financing RhodeCode’s growth.
The company’s core product, RhodeCode Enterprise, is an increasingly popular, secure software development solution designed for complex, mission-critical programs used by enterprises. Following the investment, the company is expected to strengthen its product development team, to pursue faster growth in $21 billion application lifecycle management market.
The company claims more than 95% of increase in sales over the previous quarter, with more than 10,000 organizations across 80 countries using its safe products. Customers include US Navy, Raytheon, US Department of Energy, CA Technologies, Cisco, Samsung etc, according to the press release.
“Our customers love us,” said Sebastian Kreutzberger, CEO of RhodeCode, “Developers are thrilled with how easy it is to collaborate, and how much overhead we eliminate. Project leaders thank us for bringing clear visibility to their development projects. Management appreciates the significantly shorter development cycles and improved compliance. Our enterprise customers work faster, smarter, and collaborate better.”
Jason Whitmire, investor and Earlybird Venture Capital partner added, “They are clearly the innovators in their enterprise software development space – driving huge productivity gains and substantial bottom-line impact for their customers.”