Jitterbit, an API transformation company, saiod it has raised $25 million in a Series C funding round led by KKR.
KKR said in a statement that Jitterbit plans to use the additional capital to increase its sales and services teams, as well as to enhance its international presence, particularly in EMEA and APAC.
Jitterbit is at the forefront of cutting-edge technologies that empower connectivity through integration and APIs, helping businesses to achieve digital transformation. Analysts have predicted that the iPaaS market would reach $2.7 billion by 2025, up from an estimated $575 million in market spending during 2016.
The company said customer demand has continued to show strong upward momentum as an impressive new collection of marquee brands from a range of industry verticals, such as Allstate Insurance, Rutgers University, and United Way, adopted Jitterbit’s leading API integration platform leading to record company growth in the first half of the year. In 2017, Gartner recognized Jitterbit as a “leader” in the Magic Quadrant for Enterprise Integration Platform as a Service report for the second year in a row.
Due to the immense interest in the integration market and Jitterbit’s history of innovation, this latest $25 million funding round – the company’s largest to date – was oversubscribed but was ultimately limited to existing major investors. KKR is once again a primary investor in the company, after leading Jitterbit’s most recent $20 million funding round in January 2016. KKR is making the investment from its Next Generation Technology Fund, which is dedicated to growth equity investment opportunities in the technology, media, and telecommunications space.
“The market is growing faster than anticipated, so we chose to raise additional capital to take full advantage of this increased demand,” said Jitterbit CEO George Gallegos. “The early bets we placed on the convergence of the API and hybrid cloud integration space have propelled Jitterbit into a leading position in the industry without relying on excessive amounts of capital, which is a central aspect of our approach to financing.”
“Jitterbit’s growth and success since our initial investment in the company has exceeded our expectations, and we’re excited to move forward on an even more aggressive timetable,” said Vini Letteri, a director on KKR’s TMT Growth Equity team and a member of Jitterbit’s board of directors. “This is an incredible market, and Jitterbit has the strategy and resources to compete at the highest level.”