Startup Spotlight: multi-cloud enabler HashiCorp

By William Smith
San Francisco-based software firm HashiCorp is a provider of tools for creating cloud computing infrastructure. Customers include the likes of Adobe, B...

San Francisco-based software firm HashiCorp is a provider of tools for creating cloud computing infrastructure.

Customers include the likes of Adobe, Barclays, Hulu and SAP Ariba, with over 100 of the Fortune 500 using its commercial products. HashiCorp offers assistance with the automation of manual processes in different layers of cloud building such as infrastructure, security, networking and application with its Terraform, Vault, Consul and Nomad product stack.

The company also maintains an agnostic approach to infrastructure vendors, featuring integrations with the likes of Amazon Web Services, Google Cloud, Microsoft Azure and Oracle, to name a few.

The approach has led to a doubling of its customer base and over 100% revenue growth every year for the last four years.

Last week, the company announced it had raised $175mn, raising its valuation to $5.1bn and cementing its status as a technology unicorn. The round was led by investment firm Franklin Templeton, and was described as being intended to “accelerate HashiCorp’s focus on enabling multi-cloud infrastructure automation for organizations around the globe that are working to extract the full value of multi-cloud IT environments”.

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HashiCorp’s CEO David McJannet said in the press release: “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.”

That means the company has now raised a total of almost $350mn across five funding rounds.

“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,” said Jonathan Curtis, vice president of equity research and portfolio manager for technology strategies at Franklin Templeton. “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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