Belfast software firm Cloudsmith has closed one of Northern Ireland’s biggest-ever venture capital injections, securing $23 million (£18m) in a funding round led by California-based TCV, with participation from Insight Partners and existing investors.
The new money will go towards expanding sales, marketing, and customer success teams, innovation in software supply chain security product features, and investing in research into artificial intelligence.
It’s the second investment for Cloudsmith following an £11m deal in 2021 which helped it grow from around 20 employees to nearly 100, with the aim of getting to 145 this year.
Cloudsmith – which claims to be the world’s best cloud-native, enterprise-ready artifact management platform for securely developing and distributing software – serves a worldwide customer base, with 75% of revenue derived from US customers.
Founded by Alan Carson and Lee Skillen, who worked for the New York Stock Exchange technology operation in Belfast, the company grew by 150% last year, significantly expanding its enterprise customer base by adding Fortune 500 and Global 2000 companies.
Its chief executive Glenn Weinstein said: “The way software is built is fundamentally changing, making artifact management mission-critical for developers, cyber-security professionals, and platform engineers alike.
“Enterprises need real-time observability, security, and control over their software supply chain. This new investment will help us to keep scaling up to meet the needs of the world’s largest and most complex organisations.”
Co-founder Lee Skillen said: “Alan and I remain deeply committed to making Cloudsmith the definitive global leader in software supply chain security.”
Morgan Gerlak, a partner at TCV, which has previously invested in the likes of Facebook and Airbnb, added: “We believe in Cloudsmith’s vision to become the backbone of modern software supply chains. We’re excited to support the company in its next phase of growth.”
Cloudsmith’s Belfast headquarters remains the heart of its global operations, with expansion plans across engineering, product, sales, and customer success to support its growing enterprise customer base.
Existing investors MMC, Frontline, Techstart, Sorenson, Tapestry, and Shasta continued their support, increasing their investments in Cloudsmith as part of this latest funding round.
