GroundWork Open Source Closes Over-Subscribed $12.5 Million Series C Financing Round
GroundWork Open Source, Inc., the leader in open source systems and network management software, today announced that it has secured $12.5 million in its third round of venture capital financing. The Series C round includes new investors JAFCO Ventures, SAP Ventures, the corporate venture investing arm of SAP AG, and existing investors, Canaan Partners and Mayfield Fund. Investment proceeds will be used to extend GroundWork’s worldwide adoption and phenomenal customer traction, grow the GroundWork Partner Network, and broaden the product portfolio.
"In less than three years, GroundWork has established an irrefutable leadership position in open source systems and network management, offering a viable and compelling open source alternative to proprietary IT monitoring solutions," said Tom Mawhinney, General Partner at JAFCO Ventures, which led the round. "We invested because there is a tremendous untapped market opportunity in the mid-market for GroundWork’s solution and their seasoned management team is ideally poised to capitalize on this opportunity.”