Code Climate Raises $50M in Series C Funding to Propel its Engineering Intelligence Platform
Led by PSG, the investment is aimed at furthering Code Climate’s mission to help engineering leaders align initiatives with strategic priorities, accelerate software delivery, and drive continuous improvement
New York, NY – Code Climate, a leading Engineering Intelligence platform, announced today that it has raised $50M in Series C funding. The round was led by PSG and joined by previous investors Union Square Ventures, Foundry Group, Lerer Hippeau Ventures, and NextView Ventures, bringing Code Climate’s total funding to $66M.
Founded in New York City in 2011, Code Climate’s Engineering Intelligence products are trusted by over 1,000 companies from start-ups to enterprises. Their flagship product, Velocity, empowers companies like Faire, Instacart, and Forbes to improve the efficiency of their engineering and product organizations at scale. By transforming data from DevOps and project management tools like Jira into valuable insights, Velocity reduces cycle time and enables teams to ship software faster.
“We’re excited to partner with PSG and build upon our leadership as an Engineering Intelligence platform,” said Bryan Helmkamp, CEO & Co-Founder of Code Climate. “This investment will help us further our vision of helping engineering and business executives align engineering initiatives with business priorities, deliver high quality code quickly and consistently, and improve teams’ processes and skills to create a high performing culture.”
Over the past year, Code Climate has experienced continued strong growth, more than doubled its headcount, and brought on an experienced executive leadership team comprised of Karthik Chandrashekar, VP of Customer Success, Corryn Hutchinson, VP of Marketing, James McGill, VP of Engineering, and Khan Smith, VP of Product.
“We think Code Climate is well positioned to capitalize on companies’ growing need to gain visibility into their engineering organizations,” said Rich Zajeski, Vice President at PSG. “We believe Code Climate has built a leading platform and team that can address this market need. The value proposition of Code Climate has enormous potential, helping companies maximize their strategic investments in software engineering to bring innovative products to market faster, more consistently, and more efficiently. We are thrilled to have the opportunity to partner with Bryan and the rest of the Code Climate team in their next phase of growth.”
The funding will help Code Climate advance its product vision, extend its sales reach, and scale customer success – furthering its mission of helping engineering align activities with strategic priorities, deliver high quality software, and improve team performance.
About Code Climate
Code Climate helps software engineering organizations achieve excellence with data-driven insights. Founded in 2011 and based in New York City, their Engineering Intelligence products, Velocity and Quality, are trusted by over 1,000 companies from start-ups to enterprises. Learn more about Code Climate by visiting https://codeclimate.com/.
About PSG
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 80 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.
Media Contacts
Code Climate
Corryn Hutchinson
press@codeclimate.com
PSG
Jackie Schofield
jschofield@prosek.com