IT firm Cloudsmith has closed one of Northern Irelands’s biggest-ever venture capital rounds, securing $23m (£18m) for its Series B.
The Belfast-based software supply chain company secured the funding from California’s TCV, which led the round that also saw backing from Insight Partners and existing investors.
The new investment represents the fourth-largest funding round for a Northern Irish business, Dealroom data shows, behind the $25m raised by Cedar Point Communications, the $52m raised by Arralis and the $63.5m raised by Weev.
Cloudsmith said it has grown by almost 150% in the past year with the onboarding of major clients. Customers of the business include CoreWeave, American Airlines and Shopify.
The new capital, which follows its $11m Series A in 2023, will go towards expanding its sales, marketing, and customer success teams as well as R&D.
“Cloudsmith was founded to redefine artifact management, and with this investment, we’re accelerating towards our mission at full scale,” said Lee Skillen, Cloudsmith’s CTO and co-founder.
“The way software is built is fundamentally changing, making artifact management mission-critical for developers, cybersecurity professionals, and platform engineers alike,” added Glenn Weinstein, the CEO of Cloudsmith.
Previous backers of the company include MMC, Frontline, Techstart, Sorenson, Tapestry, and Shasta, which all participated in Series B.
“We believe in Cloudsmith’s vision to become the backbone of modern software supply chains,” said Morgan Gerlak, a partner at TCV.
“Cloudsmith is showing why artifact management is a crucial component of the DevOps toolkit, enabling enterprises to better control, secure, and distribute software. We’re excited to support the company in its next phase of growth.”
Founded in 2016, the company has developed a cloud-native artifact management platform to securely distribute software.