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App performance solution New Relic raises $100M

With $215 million raised, New Relic is rumored to be looking at an IPO this year

Financial trends and news by Steven Loeb
April 28, 2014 | Comments
Short URL: http://vator.tv/n/3698

Is there anything more frustrating than a buggy app that is constantly crashing? For a lot of people, there really isn't. In fact, data has shown that, for a lot of people, performance is key to whether or not they will even continue to use the app.

When it starts to crash, the vast majority of people will simply give up on it, and they don't come back. Companies and developers have to be very careful, because performance issues can literally be the death knell for an app.

That is why so many businesses have turned to companies that will monitor their performance, and show them when issues are arising and how to fix them. That includes companies like Crittercism, Apigee and software analytics provider New Relic, which one of the leading companies in the space.

Now New Relic has further solidified that position by raising $100 million in new funding, which wasannounced on Monday, bringing its total raised to $215 million.

The money came from funds that are affiliated with BlackRock, Inc. and Passport Capital, LLC led the round with T. Rowe Price Associates, Inc. and Wellington Management also in participation.

New Relic has previously raised around $115 million, most recently taking on $80 million in February of last year, from accounts managed by T. Rowe Price Associates, along with Dragoneer Investment Group LLC, Passport Ventures LLC, Allen & Company, Benchmark Capital, Trinity Ventures and Tenaya Capital. 

There is no indication of what the company's current valuation is, though ReCode is pegging it at between $1.2 billion and $1.3 billion. VatorNews has reached out to New Relic for more information, and we will update if we learn more. 

Founded in 2008, the San Francisco-based New Relic provides a application performance management solution to businesses through a software-as-a-service offering. 

Just last month, New Relic announced New Relic Insights, which is a real-time analytics platform that transforms collected data into insights about customers, applications and their business.

The company says that it currently is able to analyze over 200 billion data points per day for over 3 million application instances from tens of thousands of customers, including Airbnb, Zendesk, ESPN, Microsoft, Intuit, Groupon, GitHub, Comcast, Healthcare.gov, Sony, Nike, Soundcloud and Mashable. 

The new funding will go toward two separate goals: boosting the company's product development and also expanding the company’s international presence. 

New Relic is one of many companies, along with Airbnb, Uber, Lending ClubZooskEvernote, Gilt, Jawbone and Pinterest, that is rumored to be looking at an IPO this year, and the addition of investors like T. Rowe Price will only add fuel to that fire.


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