Jellyfish Secures $31.5 Million in Series B Funding
Jellyfish has raised $31.5 million with an aim to enhance the latest Innovation Management Platform's latest investment to expand its mission to help engineering leaders.
FREMONT, CA: In a Series B round of funding, led by Insight Partners and supported by prior investors Accel and Wing Venture Capital, Jellyfish, the advanced Innovation Management Platform that helps engineering leaders align engineering work with strategic business priorities, has raised $31.5 million. Jellyfish aims to enhance this latest investment to expand its mission to help engineering leaders relate their team's regular activities to business goals boosting engineering leaders from executors to business strategy influencers.
Jellyfish saw extraordinary growth and momentum in 2020, increasing revenue by 5X and doubling its employee count. With COVID-19 contributing to a global transition to remote work, engineering leaders from companies such as DataRobot, Skillsoft, and ZoomInfo turned to the platform to get visibility into their teams and how it aligns with the priorities, needs, and strategic initiatives of the company.
"Jellyfish's impressive growth signals that there is a crucial market need for an informed, data-driven approach to engineering leadership," said Matt Gatto, Managing Director at Insight Partners, who will join the Jellyfish Board of Directors. "Companies spend millions of dollars on engineering resources with little understanding of where it's being spent or how resources are being allocated. Jellyfish is the clear leader in solving this, and we're excited to partner with them as they seize this massive market opportunity."
"We are thrilled to welcome Insight to the Jellyfish family to scale our mission," said Andrew Lau, Co-Founder, and CEO at Jellyfish. "Today, most executives have easy access to data to inform business decisions. But engineering insights for business decisions are still scarce, even in a world where software development has become the foundation of modern business. We're on a mission to change that with the Engineering Management Platform that allows engineering leaders to enable the strategic conversation, adding to product strategy and overall company direction."
The investment helps Jellyfish scale up its customer base by being the Engineering Management Platform of choice for modern technology firms. The company intends to expand its team across all business areas in 2021 with Insight Partners, Accel, Wing Venture Capital, Pillar VC, and First Star Ventures investors.
"Jellyfish allows us to take a data-driven approach to engineering management," said Madhav Nair, Senior Vice President of Engineering at ZoomInfo. "Instead of relying on anecdotal information and manual data collection, we now have a real-time, holistic view of how the team is spending their time to ensure they're aligned with the strategic direction and needs of the organization. We can scale with confidence, knowing we're investing in areas that add strategic value to the business."