Belfast-based Cloudsmith, a software supply chain platform used by the likes of Shopify and HP, has secured $11m (£8.8m) in funding to scale its operations.
The Northern Irish startup provides cloud-native tools for businesses to manage software assets, including zero-trust security and developer solutions.
Founded in 2016, the company’s largest market is the US, with clients including EnterpriseDB and PagerDuty.
The “Series A2” funding round was led by MMC Ventures.
Glenn Weinstein, who was appointed CEO of the company in September, said the fundraise amid challenging economic headwinds “reaffirms the confidence our investors have in Cloudsmith.
Tech funding across Europe has taken a significant hit in 2023. UK tech businesses are projected to secure $12.7bn (£10bn) this year, a 54% drop on 2022 as the end of cheap capital triggered an investor retreat.
“This fresh infusion of capital also comes as industry demand for secure and reliable software supply chain solutions is surging,” said Weinstein, a former Twilio executive.
“Cybersecurity attacks of increasing severity have become more frequent, and threaten reputational damage, data exfiltration and IP theft.”
Cloudsmith previously raised $18m in Series A funding in 2021.
Weinstein also highlighted the strategic location of Belfast, which has access to both UK and EU markets.
“Belfast is a leading tech hub with a thriving digital economy. We see this renewed round of investment as a doubling down on Cloudsmith’s commitment to this vibrant city,” he said.
VC investment into Belfast has grown by 221% since 2019, reaching $80m (£65.3m), making it the fastest-growing city in the UK for startup investment, according to data from HSBC Innovation Banking and Dealroom.