Today we announced our $70 million Series C. The round was led by Thoma Bravo with participation from our previous investors including Salesforce, Scale, Costanoa, and ClearSky.
This is a unique time in the market, so this announcement feels different than those from our previous rounds. In the past few months, there’s been a seismic shift from celebrating growth at all costs to much more of an emphasis on building a company that delivers value as well as smart growth.
The changing market conditions have validated the priorities that have guided me since founding the company in 2018:
- Build an excellent product to make businesses more secure
- Create value for our customers and support them at every step
- Achieve healthy, sustainable growth, and
- Provide a positive and productive work environment for our team members
Though the broader market is changing, we have not seen any decrease in demand for SaaS security. We’ve had three years of triple-digit ARR growth, we continue to see strong growth throughout our pipeline, and we’ve had nearly 100% customer retention since our launch in 2018.
In the past year, we’ve also delivered significant product innovation. We’ve expanded the breadth of SaaS apps we cover out of the box and launched the AppOmni Developer Platform, which empowers organizations to easily develop and deploy our industry-leading security for any SaaS application, including custom apps.
The new funding will enable us to continue our momentum in SaaS security and to cement our leadership position in the space. We’ll continue investing heavily in our product development, and will also scale our international operations and go-to-market processes.
Our investors have been incredibly supportive throughout our journey and have had a huge impact on our success. I’m pleased to welcome Robert (Tre) Sayle from Thoma Bravo to our board of directors and to partner with him going forward. I also want to thank the entire AppOmni team. They are the true drivers of our past and future accomplishments. I’m so proud of everything we’ve achieved together and I’m looking forward to what comes next.
Brendan O’Connor; CEO and Co-founder of AppOmni