Kong Raises $100 Million to Accelerate Cloud Connectivity
Tuesday, February 9, 2021 3:10PM IST (9:40AM GMT)
Series D Round Led by Tiger Global Management, Catapulting Company Valuation to $1.4B
San Francisco, United States:
Kong Inc., the cloud connectivity company, today announced it has closed $100 million in Series D funding, led by Tiger Global Management with participation from existing investors Index Ventures, CRV, GGV Capital and Andreessen Horowitz as well as new investor Goldman Sachs. This latest round brings Kong’s total funding to $171 million, tripling its valuation to $1.4 billion since the Series C round. Kong will use the capital to scale its go-to-market operations, grow world-class Engineering and Customer Experience teams, and accelerate cloud connectivity with its new SaaS-based Kong Konnect service connectivity platform.
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StockMarketWire.com - Craneware said it had returned to revenue and earnings growth in the first half of the year on increased sales momentum.
The increased sales momentum resulted in growth at both the revenue and adjusted EBITDA levels of greater than 5% compared to the first half of the prior year s revenue of $35.9 million, and adjusted EBITDA of $12.7 million, the company said. Customer retention rate has remained above 90% and the dollar renewal rate of customers at the end of their multi-year contracts has returned to approximately 100%, it added.
Looking ahead, the company said it expects to meet current market expectations for the full year ending 30 June 2021, for revenue of $74 million and adjusted EBITDA of $25.3 million.