Catchpoint Secures $3.2 Million in Series A Funding
NEW YORK, NY, March 12, 2013-- Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, today announced it has closed a $3.2 million series A financing round. First launching its product in 2010, Catchpoint ran 2.9 billion tests for more than 100 customers in 2012 and boasts consistent revenue growth -- doubling year-over-year revenue last year. Led by Battery Ventures, the financing will be used to accelerate the company's growth and product development.
"We were actively looking for the next big thing in infrastructure so investing in Catchpoint was an easy decision," stated Neeraj Agrawal, general partner, Battery Ventures. "It offers a mature, experienced leadership team with a proven product suite, impressive growth and a strategic vision for what lies ahead. We are confident that Catchpoint will continue to disrupt the performance monitoring industry and quickly become the dominant player." Battery has deep expertise in Catchpoint's market, including investments in Akamai, BladeLogic and Tealium. Battery is committed to finding and funding innovative companies in the New York area, and Catchpoint is the tenth such company in its active portfolio.
Founded in September 2008 by four former DoubleClick/Google executives, Catchpoint helps organizations proactively monitor the end-to-end performance and availability of their online systems -- improving the speed, reliability and availability of online services to boost customer satisfaction, lower the cost of quality management and protect revenue. Delivering real-time analytics, its web performance and application monitoring tools empower companies to measure the behavior of their services from multiple vantage points to better understand performance and the factors impacting it.
"Catchpoint offers a truly comprehensive, high-end enterprise solution for IT professionals who care about performance," said Imad Mouline, application performance management industry veteran and current CTO of Everbridge. "Catchpoint delivers when it comes to all-important details like consistent data quality, complete change logs, comprehensive test management, support for the increasingly rapid changes in web technologies and development platforms, and more. In this industry, it is the little things that can make a striking difference to the bottom line -- the Catchpoint team learned that through years of using such tools before deciding to reinvent performance management from the ground up."
Catchpoint will leverage the investment primarily to accelerate its market-changing product development roadmap. It will also support aggressive recruiting, further growth of the company's successful sales team and continued market expansion.
"Our team is passionate about monitoring. Having once been on the buyer side gives us an edge on innovation as we think and design our products from a customer perspective. Working hand-in-hand with so many companies that understand the seriousness of performance monitoring because of its impact on millions of users is rewarding," said Mehdi Daoudi, CEO and founder of Catchpoint. "This first strategic investment from Battery Ventures will help us fast-track our product development plans and bolster our continued expansion so we can change the way IT monitors and resolves issues that might have a detrimental impact on critical online services and, therefore, the business."
With this investment, Neeraj Agrawal of Battery Ventures will join the Catchpoint Board of Directors.
About Battery Ventures
Since 1983, Battery has been investing in category-defining ideas and high potential companies and management teams worldwide. The firm views its investment as a true partnership, and works hard to help its companies carve out unique positions, dominate markets and reach business goals. Battery funds companies in technology and related markets at the Seed, Early, Growth and Buyout stage. For a full list of Battery's companies go to: http://www.battery.com/our-companies/list/
The firm has offices in Boston, Silicon Valley and Israel, and has raised more than $4.5B since inception. Battery is currently investing BV IX ($750M) and recently announced the close of BV X ($650M) and BV X Side Fund ($250M). For more information, visit www.battery.com. Follow Battery on Twitter.
Catchpoint helps companies better understand the performance of their online services so they can ensure a fast, glitch-free online environment to improve user satisfaction, reduce quality management costs and protect revenue. Delivering unmatched insight through organized and visualized information, its web performance and application monitoring tools provide real-time analytics to help IT quickly discover and resolve performance issues. Founded in September 2008 by former DoubleClick/Google veterans and backed by Battery Ventures, Catchpoint is headquartered in New York. Please visit www.catchpoint.com to learn more.
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