Security Firm HashiCorp Bags $175 Million At Over $5 Billion Valuation

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HashiCorp

HashiCorp, the San Francisco-based cloud infrastructure startup which helps enterprise keep their infrastructure safe and secure has announced raising $175 million in a fresh round of financing led by Franklin Templeton. The round also saw participation from T. Rowe Price Associates, Inc, Geodesic Capital, GGV Capital, IVP, Mayfield, Redpoint Ventures, and True Ventures.The current round of financing takes the valuation of the company over $5 billion. Prior to this round, HashiCorp had raised $100 million as part of Series D funding from IVP (Institutional Venture Partners).

HashiCorp was founded in 2012 by Armon Dadgar and Mitchell Hashimoto as a platform that provides open-source tools and commercial products that enable developers, operators, and security professionals to provide secure and run distributed application infrastructure.

David McJannet, the CEO of HashiCorp commenting on the financing round said, “At HashiCorp, we are providing the Global 2000 with the critical software they need to adopt a cloud operating model for their infrastructure. Increasingly, our software is becoming mission-critical to the largest organizations in the world, and we take our responsibility to deliver on their expectations very seriously. We are pleased to have Franklin Templeton and T. Rowe Price join as new investors and look forward to the continued partnership with our existing investor partners.”

Jonathan Curtis, the vice president of equity research and portfolio manager for technology strategies at Franklin Templeton, talking about the capital infusion in this round said, “As organizations shift to a multi-cloud operating model, HashiCorp is well-positioned to partner with and enable enterprises to realize the full benefits of their multi-cloud strategy. This is why we believe HashiCorp has the opportunity to become a foundational infrastructure company, defining and enabling the needs of the largest enterprises as they adopt cloud.”

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