Will stick to core product, not branch out
Cloud-based log management solution provider Loggly has raised $11.5 million in a funding round led by True Ventures, with additional investors including Matrix Partners, Cisco, Trinity Ventures, Harmony Partners and Data Collective Venture Capital.
The added wealth will be used to improve the company’s existing products, as well as to expand sales and marketing activities.
“Following record growth and customer adoption, including reaching the 2,000 paid customer accounts milestone in Q1 2016, this next round of funding marks continued momentum for Loggly. True Ventures – and all Loggly investors – have set the stage for us to build on these achievements,” said Loggly CEO Charlie Oppenheimer.
“This funding enables Loggly to further accelerate innovation in powerful analytics, alerts, search capabilities and other key areas so our customers can find root causes faster, spot anomalies earlier and monitor the health of their applications and infrastructure.”
Puneet Agarwal, partner at True Ventures, added: “True Ventures believes in taking bold risks and supporting our companies through their entire lifecycles. We are excited to lead this next stage with Loggly and look forward to the continued innovation and growth.”
Loggly expects to achieve cash-flow positive operations during 2017.