JumpCloud raises $159M, declares unicorn status

LOUISVILLE — On the heels of a $100 million funding round early this year, JumpCloud Inc., a directory-as-a-service technology platform, has raised an additional $159 million in a Series F round and is now valued at $2.56 billion.

That valuation — more than triple its previous valuation — makes JumpCloud the region’s latest unicorn, a term applied to startups that reach a value of more than $1 billion. 

Part of the company’s recent success can be traced to the evolving IT landscape during the COVID-19 pandemic and subsequent increase in working from home. 

JumpCloud’s technology securely connects and manages employees, their devices and IT applications. 

“IT teams have a strategic responsibility to ensure work gets done securely and efficiently. The pandemic accelerated their need for an infrastructure platform that is not limited by legacy domain-based approaches, or requires multiple point solutions,” JumpCloud CEO Rajat Bhargava said in a prepared statement. “JumpCloud reimagined the directory with a comprehensive, modern platform that gives IT admins an easier path to adopt Zero Trust security models for more granular access control, with a user-friendly experience. This investment validates our vision and product-led growth model, which have enabled us to build a product that is easy for IT teams to love.”

The Series F round was led by Sapphire Ventures.

“With JumpCloud, we see a company that is using feedback from IT professionals to reimagine how IT and security are done in the coming years,” Sapphire Ventures president Jai Das said in a statement. 

JumpCloud has been in rapid growth mode over the past several years.

In 2019, the company moved from its home offices in Boulder to a new headquarters in Louisville to accommodate its growing staff. The company has added hundreds employees in recent years and now has a headcount of about 400.

Other local unicorns include Boulder biosciences company SomaLogic Inc., energy software startup Uplight Inc. and telecommunications infrastructure provider Zayo Group Holdings Inc.

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