By Loggly
Loggly has secured $15 million in Series C venture financing, bringing total invested capital in the cloud-based log management company to $33.4 million. Harmony Partners led the new round, while existing investors Matrix Partners, Trinity Ventures, Cisco, Data Collective, and True Ventures all increased the size of their investments. Loggly was founded in 2009 to help companies solve operational issues faster by simplifying log management in the cloud without proprietary agents or installs.
This new round of financing reflects the momentum that Loggly has achieved since launching its second generation service one year ago. Key accomplishments in the past year include:
Monthly recurring revenue has increased more than 450%
The number of paid customers has nearly tripled
Average starting subscription value for Pro tier customers has grown 50%
Pro tier customers who have upgraded have increased the value of their subscriptions by more than 400% of initial subscription value
The company has been closing a steady stream of accounts with annual subscription values exceeding $100,000
“The mass migration of infrastructure and operations to the cloud allows companies to refocus on their core competencies and invest wisely in the visibility needed to solve operational issues” says Mark Lotke, Managing Partner at Harmony Partners. “With Loggly, we see an innovative company that addresses a broad, critical market need and brings success to their customers’ development and operations teams. We’re thrilled to help support their continued acceleration.”
“Our second generation product has exceeded all expectations: new customers, deal size and installed base growth,” says Charlie Oppenheimer, CEO at Loggly. “As we continue to help our customers succeed in a demanding environment by providing them operational insight in real-time, we are excited at the market opportunity to grow even faster with the new funding.”
In the year since launch, Loggly has attracted significant new sales, marketing and engineering talent and has an exciting pipeline of new product capabilities and partnerships that will be announced in the months and quarters ahead.