BonitaSoft Raises $13M in Series C Funding16 May 2013 - Mickey Farrance
BonitaSoft secures $28M in just three years; newest investment led by French government initiative FSN PME, includes existing investors Ventech, Auriga Partners, Serena Capital
We've announced today the completion of a $13 million Series C round of funding led by the FSN PME (the French National Fund for Digital Society), a French government initiative that invests in technology companies positioned to succeed on a global scale. This latest round of funding also includes BonitaSoft’s three existing investors: Ventech, Auriga Partners and Serena Capital. Overall, BonitaSoft has raised more than $28 million since its inception in June 2009.
Our fast-growing company will use the fresh capital to fuel our global expansion plans in the USA, Europe, and Latin America. Aggressive plans are in place to increase its market share of mid- and large-sized businesses that want technological and economic alternatives to the current mix of proprietary and aging BPM solutions. BonitaSoft's leadership team will focus this new investment on the development of next-generation BPM technologies that are more responsive and adaptable to the end user and allow process applications to actively measure the benefits to the business.
“We are delighted with the support from the FSN PME fund established by the French government,” said Miguel Valdes Faura, BonitaSoft CEO and co-founder. “The vote of confidence shows the value BonitaSoft brings to the BPM market. Customers have made it known that they want innovative, flexible and cost-effective solutions to improve their business processes, and we will continue to deliver solutions that meet this need.” BonitaSoft has enjoyed significant growth since our inception in 2009. Sales grew by more than 130 percent in 2012, driven by a 390 percent revenue increase in the United States. Today, we serve more than 600 companies and governments worldwide, including Accenture, DirectTV, Old Dominion University, Trane, Teach For America and Michelin. We have 100 integration partners on five continents, more than 2 million downloads of our open source solution and a community of over 60,000 members. For 2013, we plan to continue its triple digit growth and add 60 new employees at our three offices in San Francisco, Paris, and Grenoble. “The performance of BonitaSoft in recent years validates company’s business model,” says Jocelyne Cerasa, Investment Director of CDC Entreprises. “The success already achieved by BonitaSoft in France, Europe, Latin America and the United States led to our decision to support BonitaSoft’s growth.” Ventech, Auriga Partners, and Serena Capital continue to support the solid growth and many achievements by BonitaSoft. In a short time, we have become a major player in the BPM market and our continued investment confirms the strong demand for BPM solutions that are affordable and easy to integrate for all organizations About FSN PMEThe FSN PME fund was established in 2009 by the French government to facilitate private investment in promising technologies such as cloud computing, basic digital technologies and online health initiatives. It is managed by CDC Entreprises, a private investment management firm based in France.