BOULDER — JumpCloud Inc., a Directory-as-a-Service platform, has entered into a $10 million credit facility with Comerica Bank. The credit facility availability follows a $20 million Series C funding the company closed less than a year ago with OpenView Partners and Foundry Group, giving JumpCloud access to additional capital to grow.
JumpCloud is experiencing rapid growth scaling its Directory-as-a-Service platform, the company said in its announcement. In 2018, JumpCloud expects to nearly triple its employee count and further add an additional 50 engineers.
“JumpCloud is excited to partner with Comerica to support its rapid growth in the identity management sector,” Larry Middle, CFO of JumpCloud, said in a prepared statement.. “Comerica joins Foundry Group and OpenView Partners in supporting JumpCloud through this critical phase. JumpCloud is focused on becoming the cloud-based directory services leader and we couldn’t execute on that mission without the incredible support from all of our financial partners including Comerica.”
“We are excited to support JumpCloud on their mission to be the world’s leading cloud directory,” said John Botelho, vice president of technology and life sciences of Comerica Bank. “JumpCloud’s unique approach to the identity management market has resulted in pristine metrics with tremendous growth and efficiency. We look forward to supporting the JumpCloud team as it hires world-class talent and builds a platform that will lead the industry.”