Seattle-based cloud company Upbound has raised $60 million in Series B funding.
With the new funding, announced Monday, Upbound has now raised $69 million since its founding in 2017. According to the company, the investment will go toward product development, expanding its services and helping its products reach the market.
"We started Upbound four years ago realizing the industry was at a pivotal moment, and that customers more than ever wanted to consume services and deploy abstractions across multiple vendors,” Upbound founder and CEO Bassam Tabbara said in a news release. “Today’s funding announcement ensures we continue to help (engineering teams) on their journey with innovative products and services.”
On its website, Upbound has open roles in marketing, product management and engineering, among others. According to Upbound, the company has grown its quarter-over-quarter recurring revenue tenfold.
Upbound helps clients manage their tech infrastructure using an open-source system called Kubernetes. The system was developed at Google before the tech giant donated it to the Cloud Native Computing Foundation, according to the Enterprisers Project, and it helps teams manage and develop their various applications. Upbound's clients include the European freight shipping and ferry service company DFDS, as well as the European transportation company Deutsche Bahn.
Tabbara previously co-founded a cloud storage company called Symform, according to his LinkedIn page, which was acquired by Quantum in 2014. Prior to Symform, he spent more than 12 years at Microsoft.
Altimeter Capital led the round, while GV, Intel Capital and Telstra Ventures participated. Altimeter previously invested in Snowflake, a data cloud company that is now publicly traded on the New York Stock Exchange.
“We believe that Upbound is distinctly positioned to be the convergence point for cloud infrastructure,” Ram Woo, partner at Altimeter Capital, said in a news release. “We have been watching Upbound for a while and are excited to partner with Bassam and team.”
