Technology November 12, 2020 9:47:46 pm

JumpCloud raises $75M, plans to hire 500

By Lucas High

LOUISVILLE — JumpCloud Inc., a directory-as-a-service technology platform, recently raised a $75-million Series E funding round led by BlackRock Inc. (NYSE: BLK) and plans to add 500 workers over the next few years.

In addition to the new hires, the Series E “funding will be used to expand product development, marketing and sales globally,” the release said

To accommodate recent and future growth, JumpCloud moved last year from its temporary offices in Boulder to a new headquarters in Louisville.

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“As an early investor, we saw that JumpCloud had a solution that stood alone in the market — a directory in the cloud that can support user access across virtually all IT resources,” Foundry Group managing director Seth Levine said in an emailed statement provided to BizWest. “As more businesses build heterogeneous IT environments, JumpCloud meets a need in a way that no other solution does. We’ve been thrilled to watch JumpCloud build out its platform and extend its reach in reaction to exponential growth of remote workforces.”

The firm’s venture funding total is now $165 million, including the completion of a $50-million fundraising round in 2019.

“Our market opportunity is exploding as organizations realize legacy domain based approaches to IT infrastructure have become barriers to securely getting work done. JumpCloud offers a solution that is both comprehensive and simple — making it easier for IT to adopt a zero trust access model without infringing on employees ability to do their jobs,” JumpCloud CEO Rajat Bhargava said in a statement. “With this investment, we will continue our focus on product-led growth, while scaling the business to meet the needs of users and customers around the world.”