Logz.io, the Boston- and Israel-based startup behind a software analytics platform for DevOps teams, has pulled in $23 million to accelerate its go-to-market strategy.
The round was led by Pitango Growth and includes participation from existing investors.
With the new funding, Logz.io CEO Tomer Levy plans to immediately hire about 30 people for its teams in Boston, Israel and London. Those new hires will all be focused on marketing, sales, technical sales, sales engineering and customer engineering.
"Generally, go-to-market is the main focus, especially in the Boston area," Levy said. "We're excited to bring the best talent out there to join the company. That's our mission right now."
Founded in 2014 in Tel Aviv, Logz.io provides analytics software for IT teams and software engineers. It last raised venture capital in May 2019, when it closed on a $53 million round that has significantly fueled its growth. The startup has since grown its global headcount from 175 to about 240, and it moved to a new, 14,420-square-foot office in Fort Point last July.
Logz.io's workforce is now mostly remote given the pandemic. When it becomes safe to head back to physical workspaces, Levy expects the startup will employ a hybrid model, with employees working two to three days a week in the office and remotely the rest of the time.
Levy noted that although the startup has grown quickly, it has not touched most of the $53 million it raised in 2019: "It sat in the bank," he said. But investors have recently become eager to put their money into ventures that will help software teams optimize their digital workflows — and those teams are using Logz.io's platform at record rates. The second and third quarters of 2020 were the startup's two best-ever quarters in terms of customer acquisition, Levy said.
"We're in a market which is growing very fast," he said. "Here's an opportunity to take some more money without going through a round. Now, we have more runway and can be more aggressive."
