Mendix Closes $ 25 Million Series B Round Led by Battery Ventures to Disrupt Enterprise Application Development
Mendix, the Boston-based app platform company for the enterprise, today announced the closing of a $25 million Series B investment. The round was led by Battery Ventures, with participation from existing investor Prime Ventures. The investment will fuel the company’s continued global expansion, product development and sales efforts, aggressively increasing its market share. It builds upon Mendix’s fast-growing community of developers, customers and partners who use the Mendix App Platform to deliver business applications faster than traditional development methods.
Battery Ventures joins Prime Ventures and HENQ Invest investing in Mendix because of its vision and role in shaping the emerging application platform as a service (aPaaS) market. Born out of the paradigm shift of cloud, social, mobile and model-driven development technologies, Mendix is disrupting enterprise application development, enabling power users and making the development process drastically faster and simpler. Hundreds of large enterprises worldwide, including ABN Amro, Sprint, Dun & Bradstreet, Genzyme, KPN, Liberty Mutual, LV=, Roche and TNT already rely on Mendix to deliver business applications often ten times faster than traditional development methods, driving ROI in days or weeks.
“It was clear from the beginning that Mendix represents an exceptional opportunity – the right team and the right product at the right time,” said Michael Brown, General Partner at Battery Ventures. “We are impressed with the company’s vision and execution, strong revenue growth and phenomenal customer success rate. The aPaaS market is currently wide open, and we believe Mendix is well positioned to be the dominant player.”
“Because of our consistent, triple-digit growth, we could be selective about partnering with a top-tier venture firm that could provide not only capital but a tremendous track record in helping companies accelerate growth and market leadership,” said Derek Roos, CEO and co-founder of Mendix. “This investment from Battery and Prime validates our vision – and success – in enabling a whole new way to deliver custom business apps at the speed of the business.”
2013: Another Milestone Year for Mendix
The funding comes on heels of another benchmark year for Mendix. In 2013, global SaaS revenues grew 115% over 2012, marking the company’s fifth consecutive year of triple-digital growth. In addition, Mendix opened its new European headquarters in Rotterdam, the Netherlands, along with a new office in the UK. Earlier in the year, the company launched a major upgrade to its platform, Mendix 5, with features to further accelerate delivery of multi-device applications. Also, Mendix has been placed in key analyst reports, including “The Forrester Wave™: Enterprise Public Cloud Platforms, Q2 2013” and the “2014 Gartner Magic Quadrant for Enterprise Application Platforms as a Service (aPaaS).”