Sentry
announced it has raised $90 million for its Series E, bringing the
company's total funding to $217 million and valuing the company at more
than $3 billion. This round was co-led by BOND and Accel, with participation from existing investor New Enterprise Associates (NEA) and new investor K5 Global. The new capital will help fuel the company's long-term growth for product development, hiring, and global expansion in Europe.
Sentry
is reshaping application performance monitoring (APM) by directly
addressing the developer experience gap. With the proliferation of
applications, languages, and frameworks, Sentry empowers any developer
or development team to solve issues in production code by using one tool
to monitor for errors, performance, and health across mobile, desktop,
and IoT, and across any industry or vertical.
In
the past year, the company saw rapid growth driven by customer adoption
of Error and Performance Monitoring, with net expansion of annual
recurring revenue (ARR) increasing by 130%+ year over year. Sentry now
processes 790+ billion events per month, with mobile events increasing
by more than 100% year over year.
"Our
singular focus on developers, combined with the depth of our platform
across 100+ languages, allows us to uniquely solve developer problems
for every customer and software environment," said Milin Desai, CEO at
Sentry. "Revenue has more than tripled in just over two years, and our
team will continue to be laser-focused on providing engineering
organizations with the ability to ship better code faster."
"Our
customers expect constant improvements to the product experience along
with new feature updates, and without any disruptions to their current
workflows," said Kah Seng Tay, GM and Head of Cloud and Developer
Infrastructure at Airtable.
"With Sentry providing accurate and diagnosable alerts, we're able to
better triage incidents during deployment and decentralize our release
process. This all results in our engineering teams being able to ship
code more efficiently and more frequently, while still keeping the
quality of our service high."
"We
ship a tremendous amount of code - eight deployments at the top of
every hour - to launch new features. Combined with a highly distributed
architecture, it was getting more and more complex for our teams to
identify and fix errors and performance issues," said Eviathar
Moussaffi, Group Lead of Engineering at monday.com.
"Providing the most optimal user experience to our customers is
critical to the success of our business, and Sentry allows us to
eliminate unnecessary noise and reduces the time to resolution, so our
developers can be most effective. The demands on our business are only
going to increase, and Sentry provides a way for our team to have a
holistic view of the health of our applications."
"The rate at which businesses are moving towards a digital-first mindset is unprecedented," said Jay Simons,
General Partner at BOND. "In order to sustain applications, programs,
and mobile, the proper infrastructure needs to be in place to manage and
monitor the health of every customer solution. For many businesses, an
error in code or a performance issue in the final touchpoint with an
end-user can mean the loss of a sale or customer."
"The
rate of software development is going to exponentially increase, and
developers are seeking ways to quickly solve any issues that will affect
the end-user experience," said Dan Levine,
Partner at Accel, a firm that has also invested in companies like
Atlassian, CrowdStrike, Dropbox, PagerDuty, Qualtrics, and Slack. "With
Sentry, companies can not only pinpoint the exact issue but also
proactively monitor their application health. As we continue to see the
move towards a digital-first world, Sentry is well-positioned to help
companies, from small businesses to enterprises, ensure that they're
keeping up with customer expectations."
To support growing demand, Sentry's team has grown nearly 75% worldwide since this time last year, with plans to continue hiring for
all offices, including a new hub opening in Europe. With this round of
funding, Sentry will accelerate its go-to-market motion and teams, as
the company expands on its product-led growth model and servicing its
global customer base.