CloudLock Lands $16.5 Million Series C Led by Bessemer
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CloudLock, a cloud security company based in Waltham, Mass., said today that it had landed a Series C round of funding led by Bessemer Venture Partners. Existing investors Cedar Fund and Ascent Venture Partners also participated in the round.
The round brings CloudLock’s total capital raised to north of $28 million. The company specializes in helping enterprises address the security concerns around using cloud applications like Google Apps and Salesforce. Its customers can set their own security policies on the corporate data that goes into those applications, without messing up the end-user experience.
This is the latest investment in a cloud software company for Bessemer, which has emerged as a significant backer of such startups, and 2013 was a pretty good year for those investments. Four companies that BVP had backed — Criteo, Ova Science, Acceleron Pharma and Wix — all went public. Other companies from the Bessemer portfolio included Eloqua, a cloud marketing software firm that was acquired by Oracle for $960 million, and Intucell, acquired by Cisco Systems for $475 million.
I had a quick chat with Byron Deeter, a partner at Bessemer, and asked him what 2014 looked like. He said he expects to see a continued emphasis on investments with cloud companies based outside the U.S. “We continue to believe that the world is flat,” he told me. “U.S. companies go global earlier, and global companies are getting access to the U.S. capital markets more easily than before.”
Meanwhile, he says to watch for more established tech companies to continue to “scramble to react” to the changes being brought by cloud software companies. Bessemer tracks the health of the cloud economy with its Cloud Index, a weekly tally of the market caps of the 37 publicly listed cloud software companies, which it launched over the summer. As of Jan. 17, the value of the companies on the index, which include firms like Salesforce, LinkedIn, Workday, ServiceNow and Marketo, was north of $165 billion.