Cloud-based log management solution provider Loggly has announced a $11.5 million funding round led by True Ventures to fund innovation and expand sales and marketing activities.
According to an announcement on Tuesday, additional investors include Matrix Partners, Cisco, Trinity Ventures, Harmony Partners, and Data Collective Venture Capital. Cisco Ventures invested $10.5 million in Loggly back in 2013.
Founded in 2009, Loggly said the funding comes as it has become “increasingly cash efficient as a result of significant growth in recurring revenues, gross margin and reduction in customer acquisition costs.” It expects to achieve cash-flow positive operations in 2017.
“Following record growth and customer adoption, including reaching the 2,000 paid customer accounts milestone in Q1 2016, this next round of funding marks continued momentum for Loggly. True Ventures – and all Loggly investors – have set the stage for us to build on these achievements,” said Charlie Oppenheimer, CEO, Loggly. “This funding enables Loggly to further accelerate innovation in powerful analytics, alerts, search capabilities and other key areas so our customers can find root causes faster, spot anomalies earlier and monitor the health of their applications and infrastructure.”
Loggly has customers in the technology, marketing, and finance industries, as well as gaming and entertainment.
“True Ventures believes in taking bold risks and supporting our companies through their entire lifecycles,” said Puneet Agarwal, Partner, True Ventures. “We are excited to lead this next stage with Loggly and look forward to the continued innovation and growth.”