PORTLAND, OR--(Marketwired - Aug 19, 2013) - Jama Software, a product delivery company evolving the way organizations conceive, build and deliver products to market, today announced it has closed $13 million in Series B funding led by Trinity Ventures with participation from Madrona Venture Group. The company will use the financing to double down on its category-defining SaaS-based approach to product management and delivery, expand its footprint in Europe and Asia, and develop deeper integrations with popular developer tools and enterprise applications.
The company, which has not taken institutional venture funding in its six year history, already has significant market penetration with more than 600 customers, including dozens in the Fortune 100, that rely on Jama to bring complex products to market. As part of the financing, Karan Mehandru, General Partner at Trinity Ventures, joins the Jama board.
Using the Jama Product Delivery Platform, companies deliver better products more efficiently, with less time and money. Jama's solution connects business stakeholders with product-development teams so everyone involved in the company's products has visibility into the process. This tightly integrated platform helps companies significantly cut development costs.
"The demand we see for faster and cheaper ways to deliver products to market speaks to the growing complexity of today's software applications, smart products and IT systems. With the requirements, decisions and other details ranging in the thousands to millions within these projects, the business value we're able to provide our customers is accelerating rapidly," says Eric Winquist, CEO of Jama Software. "We are excited to work with Trinity and Madrona to amplify our focus on expanding our SaaS-based approach across the globe."
"The team at Jama has done a remarkable job of rising above the noise and winning hundreds of Tier 1 customers, who have in turn become advocates for the company. Having tracked the team and the market for a few years, we were impressed with the customer traction and even more excited about the prospect of helping the team extend their dominance and build a winning SaaS franchise," says Karan Mehandru, General Partner at Trinity Ventures. "At Trinity, we care deeply about our entrepreneurs and our role in helping them achieve their vision, and with this investment we are thrilled to work with such an outstanding team as their first institutional investor and partner for the road ahead."
From concept to launch, the Jama Product Delivery Platform helps companies bring complex products to market. By involving every person invested in the organization's success, Jama provides a structured collaboration environment so everyone has instant and comprehensive insight into what they are building and why. Innovative companies worldwide use Jama to increase the return of investment of R&D, out-innovate their competition and deliver business value. Jama is one of the fastest-growing enterprise software companies in the United States, having exceeded 100% growth in each of the past four years, during which time both Inc. and Forbes have repeatedly recognized it as a model of responsible growth and innovation. For more information please visit www.jamasoftware.com
About Trinity Ventures:
Trinity Ventures is a top-tier venture capital firm combining business insight, practical expertise and a personal touch to help start-ups win big. For over eleven funds, Trinity has helped passionate entrepreneurs with breakthrough ideas transform markets and lives. Trinity's investment team takes a collaborative approach and believes in personal engagement, mutual respect and goal alignment to deliver out-sized returns to entrepreneurs and investors. The firm invests in early stage technology companies with emphases on Cloud, Digital Media, Social Commerce and Entertainment, and Software as a Service.
About Madrona Venture Group:
Madrona has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region's most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and cloud computing, and mobile. Madrona manages approximately $1 billion and was an early investor in companies such as Amazon.com, Apptio, Isilon Systems, and Redfin.