A Raleigh startup is raising millions and using the money to hire.
Allstacks announced Wednesday it has received $12.3 million in financing – money CEO Hersh Tapadia said will help the company grow to support anticipated demand.
The company works in what it calls “value stream intelligence.” It offers products aimed at helping software firms analyze large amounts of data to mitigate risk in engineering projects.
Tapadia declined to give a current valuation – though he did say the 30-person company is worth more with this latest round. And as employees do have equity stakes in the firm, a higher valuation means more potential for payback down the line.
Tapadia said the plan is to hire, as “several” new customers are in the pipeline. With the downturn, Allsack’s value proposition has increased, he said. It can help customers create value for their clients – particularly important in an era where market volatility has companies seeking out efficiencies.
The Series A financing was led by Companyon Ventures, introduced to AllStacks by another investor. Atlassian Ventures and CreativeCo participated, as well as other longstanding investors such as Hyperplane Venture Capital, S3 and others.
The company's last big raise was in 2019, at $4.7 million. At the time, the company had about a dozen employees split between Raleigh and Austin.
The firm was technically founded in 2017, though its entrepreneurship story began at North Carolina State University’s Engineering Entrepreneurs Program in 2008 when Tapadia met his co-founder and longtime partner, Jeremy Freeman. The pair started multiple companies, including consulting firm Ravioli Labs, which immediately preceded Allstacks.
Allstacks has taken advantage of several entrepreneurship resources to grow, including winning an NC IDEA seed grant and participating in Techstars in Austin, where it opened another office.
