On the Heels of a Record Breaking Year, New Relic Raises $80 Million
SAN FRANCISCO -- New Relic Inc., the SaaS-based application management provider, today announced that it has raised $80 million in mezzanine financing to help the company expand into the mobile market, extend operations to Europe and increase its enterprise footprint, all in preparation for a future public offering. Insight Venture Partners led the financing, which also included a major investment from accounts managed by T. Rowe Price Associates, Inc. Other participants included Dragoneer Investment Group LLC, Passport Ventures LLC, and the company’s existing investors Allen & Company, Benchmark Capital, Trinity Ventures and Tenaya Capital. The round comes on the heels of another record-breaking year in which New Relic nearly tripled its revenue growth and more than doubled its customer base.
New Relic's software as a service provides real-time visibility into the health of applications to create a more reliable customer experience, whether the applications originate in the cloud, web or mobile environments. Considered the premier SaaS-based application management platform for today’s web applications, New Relic has been adopted by thousands of companies worldwide, including significant deployments with ESPN, Nike and Sony. Additionally, collaboration, ecommerce, gaming and social media businesses such as Comcast, E*Trade, eHarmony, GitHub, Groupon, Mashable, MercadoLibre and Zumba, are using New Relic to significantly lower the costs of maintaining and optimizing business-critical software applications.
- 18 quarters of consecutive growth
- Industry’s largest installed base for an application performance management solution, achieving 35,000 active customer accounts in five years
- 1 million app instances data is sent to New Relic at any given time
- Largest repository of application data known to exist
- Nearly tripled revenue growth year over year
- Doubled its customer base, and added over 1,200 paying customers in 4Q2012
- Portland office relocated to more spacious building
“Software is running the world, and this is an exciting time to be in the business of making that software run fast. Today we see a huge opportunity to improve the speed, reliability, and effectiveness of software running on mobile devices. There are millions of apps out there for mobile devices – gaming, social and business apps – that have no tools in place for improving the user experience, yet billions of dollars are being poured into mobile app development. In 2013, you’ll see New Relic offer analytics capabilities for native mobile apps that elegantly fill this gap and combine with our proven web app management tool to create the most comprehensive application solution out there.”
- Lew Cirne, founder and CEO, New Relic
“With the profusion of mobile devices, social media and web applications in all aspects of everyday life, New Relic’s monitoring and performance management software plays a pivotal role in ensuring a quality user experience. Customer usage expectations are high, and New Relic’s solutions help companies underwrite this experience. We look forward to partnering with management to scale New Relic to be the preeminent provider of performance management solutions to the world’s largest and fastest-growing companies.”
– Jeff Horing, managing director and co-founder, Insight Venture Partners
About New Relic
New Relic is on a mission to create a better web and mobile experience for everyone by making apps faster and more reliable. Analyzing 80 billion metrics each day, New Relic provides application developers critical insights about performance issues that are affecting their business’ bottom line. Serving more than 35,000 customers in 36 countries, New Relic’s SaaS solution has the largest customer base in the industry. More information can be found at www.newrelic.com.