October 4, 2018 / 11:32 AM / 19 days ago

JFrog raises $165 mln in private funding led by Insight Venture

JERUSALEM, Oct 4 (Reuters) - JFrog, the U.S.-Israeli provider of technology that delivers software updates to devices, said on Thursday it had raised $165 million in a private funding round led by New York-based Insight Venture Partners.

JFrog, which says it is valued above $1 billion, said the funds would drive product innovation, support expansion into new markets and accelerate organic and inorganic growth. The firm previously raised $62 million, including $52 million in 2016.

JFrog offers a solution for software artefacts — small building blocks that deliver software updates to devices.

“Users expect their software to update continuously, non-intrusively, seamlessly,” the company said in a statement.

“It is not acceptable that you get into your car and it will not start because of a software update. Think about your Facebook or LinkedIn. Do you really know what version of their software you’re running? You don’t, because it’s seamless to you.”

JFrog said that since its previous funding round two years ago, sales had grown more than 500 percent. It has more than 4,500 customers, including Amazon, Facebook, Google, Netflix, Uber and Spotify.

Along with Insight, new investors Silicon Valley funds Spark Capital and Geodesic Capital participated in the funding round, as well as existing investors including Battery Ventures, Sapphire Ventures, Scale Venture Partners, Dell Technologies Capital and Vintage Investment Partners.

Reporting by Steven Scheer Editing by Edmund Blair

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