Today, we are excited to announce a round of funding led by investors Trinity Ventures, with participation from Madrona Ventures Group. These firms are excellent, both in reputation and in their approach. Over the past six years, we have often considered the option of institutional investment, and until now, have opted to fund our growth organically, through customer revenue. Given the product delivery market opportunity, it’s the right time for the company to ignite the gas and fuel the next phase of our growth and we’ve found two partners who share our vision and who believe in the Jama plan.
Both Karan Mehandru, General Partner at Trinity Ventures, and Tim Porter, Managing Director at Madrona, have extensive experience advising Saas-based enterprise software companies. The Jama team extends a warm welcome to these new partners.
I could not be more excited about the opportunity in front of us. Jama’s strategy of addressing product-delivery challenges with an enterprisewide platform that knits together the business and development side of the process is resonating strongly with the market. Our core requirements-management, collaboration and testing solution over the past six years has proven our business model with a rapidly growing number of Jama customers – 600+ and counting – and a broader ecosystem of partners that have chosen to work closely with us on this journey to introduce a modern product delivery platform.
This journey will continue as we accelerate development of our core product and continue to take a leadership position in the market. The innovation we are delivering with social collaboration, requirements management and testing will further cement Jama as a core component of product-development strategies in the new age of highly complex, smart products, software and embedded systems.
With this funding we will focus on further investing in our own product and engineering teams, scaling our footprint geographically and raising our profile. It will enable us to increase the rate of innovation across all of the Jama projects. Those investments will continue to fulfill enterprise requirements and expand adoption with our customers in the coming months.
I am excited about the opportunity ahead. We have an amazing team here at Jama and I am thrilled to welcome these two amazing investors to our team.