Money Moves: North Bethesda-based Cloudbolt Software closed a $35M Series B - Technical.ly DC

Growth

Nov. 19, 2020 12:11 pm

Money Moves: North Bethesda-based Cloudbolt Software closed a $35M Series B

Plus, recent funding raises for Fairfax, Virginia-based MarginEdge, Potomac, Maryland-based Curbio and Silver Spring, Maryland-based Truebill.
More companies are adopting cloud computing mechanisms.

More companies are adopting cloud computing mechanisms.

(Photo by Pixabay user wynpnt, used under a Creative Commons license)

Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at dc@technical.ly.


North Bethesda, Maryland-based Cloudbolt Software closed a $35 million Series B consisting of both equity and venture debt funding. The equity portion of the round was led by Insight Partners while the debt was issued by Hercules Capital and Bridge Bank.

Launched in 2012, Cloudbolt is the creator of an enterprise cloud management platform. This new funding comes after it recently acquired Australia-based Kumolus and Georgia-based SovLabs, moves that have helped strengthen CloudBolt’s goal of providing hybrid cloud management services, the company said.

“We are thrilled to have the support of Insight Partners, Hercules, and Bridge Bank as we build out our technology vision, accelerate our international expansion, and invest in new partnerships to support enterprises anywhere on their hybrid cloud, multi-tool journey,” said CloudBolt CEO Jeff Kukowski in a statement.

The company is hiring for a number of tech roles right now, including principal Python engineer and senior QA engineer.

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Fairfax, Virginia-based MarginEdge, a software company that manages a digital platform for restaurants, secured $4 million in additional funding in an oversubscribed round with investments from Osage Venture Partners and Relish Works. The company has raised more than $15 million in venture capital, including its $5 million Series A that it closed in October 2019.

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“As restaurant owners ourselves, we viscerally understand the pain of the Covid pandemic,” said MarginEdge CEO and founder Bo Davis in a press release. (The restaurant industry has been slammed by COVID-19 restrictions around the country: As of September, 100,000 restaurants closed during the first six months of the pandemic.) “Putting real-time data in the hands of operators has always been important, and central to what we do. Now more than ever restaurants are looking for ways to plan, implement and measure changes in their businesses in the moment, not two weeks after the period ends. I feel excited for our future and deeply grateful that our service can be a part of the rebuilding.”

MarginEdge plans to use the additional funding to expand to more markets and accelerate product development.

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Potomac, Maryland-based real estate tech company Curbio raised $25 million in fresh funding to further support the demand for its home improvement tech solution across its markets.

The three-year-old company, which is featured as the #2 startup on our 2020 RealLIST Startups, created a platform to help realtors manage renovation projects while also helping homeowners flip their homes to make a better profit. Though Curbio halted constructions in some of its markets to abide by pandemic restrictions, the company launched a “Pivot to Curbio” campaign to offer contactless renovations and began offering more resources to agents using its platform. The company also introduced a $100,000 fund to protect its subcontractors’ physical and financial health.

This latest funding round was led by new investor, Comcast Ventures, with participation from existing investors Camber Creek, Brick & Mortar Ventures, Second Century Ventures (SCV), Curbio board member Tim Whall, and the company’s CEO, Rick Rudman. Along with this investment, SCV is providing venture debt.

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Silver Spring, Maryland-based Truebill raised a $17 million Series C round led by Bessemer Venture Partners with participation from existing investors Eldridge, Cota Capital, Firebolt Ventures and Day One Ventures.

Founded in 2015, the company is developing a mobile app for users looking to better manage their finances by using artificial intelligence to analyze spending habits. With the close of this Series C, Truebill has raised $40 million in venture capital to date.

“We think it’s important to really understand what ‘financial health’ really means and to judge ourselves by our ability to move the needle,” Truebill CEO Haroon Mokhtarzada said in a statement. “That means not only being able to give our customers full visibility into their money, but also the tools they need to improve their financial outlook over time.”

The company — which is hiring for a few local roles — plans to use the Series C to develop new product offerings including a debt payoff product, adding net worth tracking and savings features to its mobile app and shared membership options for split accounts.

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