Seattle-based app development company Temporal has raised a $103 million Series B round, reaching a value of about $1.5 billion.
With the funding, which was announced Wednesday, Temporal plans to grow its 55-person team to more than 100 people a year from now. Although more than half of the employees are based in the Seattle area, Charles Zedlewski, Temporal's chief product officer, said the company is virtual and doesn't have office space.
"That said, the company was founded in Seattle, and the center of gravity is Seattle," Zedlewski said. "We're getting better at being remote."
On its website, Temporal has open roles listed in engineering, product and operations. Temporal co-founder and CEO Maxim Fateev said the company rents meeting space as needed in Bellevue.
Temporal, founded in 2019, specializes in technology that manages the various components involved in cloud app development. Its clients include Netflix, DoorDash, Stripe and Snap.
Index Venture Capital led the Series B round. Sequoia Capital, Amplify Partners, Madrona Venture Group and Addition Ventures participated.
"For more than a year, our conversations with Temporal users have revealed their extraordinary enthusiasm for Temporal's solution," Mike Volpi, partner and co-founder of Index Venture Capital's San Francisco office, said in a news release.
Temporal is the second Seattle-area company to reach a value of at least $1 billion, or "unicorn" status, so far this year. In January, Bellevue-based recruiting startup SeekOut reached a value of more than $1.2 billion after raising $115 million.
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Sequoia, which has a portfolio that includes brands like Apple and Google, led Temporal's $18.75 million Series A round in October of 2020. Fateev said the company had just 15 employees at the start of 2021. Although the $103 million round is quite the jump from the Series A, Zedlewski said the increased firepower will help Temporal meet rising demand.
"Since our Series A round, we now have a cloud service. We have nearly 30 customers using that cloud service," Zedlewski said. "We have had this great exponential growth in our user community, but we have millions of developers that we have yet to reach."
