SAN FRANCISCO--(BUSINESS WIRE)--Render, the modern cloud for application developers and teams, today announced that it has raised $50M in Series B funding led by Bessemer Venture Partners with participation from existing investors Addition, General Catalyst, and the South Park Commons Fund. The company also announced Bessemer’s Elliott Robinson and Addition’s Todd Arfman will join its board of directors.
The investment will allow the company to accelerate R&D hiring and expand its category-defining modern cloud to help developers and businesses ship products faster with industry-leading developer experience, flexibility, and reliability.
Render launched in 2019, winning TechCrunch Disrupt Battlefield the same year. From the beginning, the company has focused on making modern cloud technology accessible to application and frontend developers and improving the productivity of software teams building in the cloud. Through its unique end-to-end offering, Render has defined the modern application development platform category and continues to lead the space, with customers ranging from leading startups like Watershed to Fortune 500 companies like Red Bull.
“From the start, we’ve focused on making software developers and teams radically more productive in the cloud by giving them the perfect combination of features, reliability, and user experience and eliminating their worries about managing infrastructure. Our vision and execution have predictably led to rapid business growth, and this round further validates our strategy of building an end-to-end cloud from the ground up,” said Anurag Goel, Render’s founder and CEO. “Elliott and the Bessemer team possess a rare mix of cloud expertise, intellectual humility, and service mindset. I could not be more excited to partner with them on our journey.”
The global PaaS market is estimated at $139B in 2023 and is expected to grow 22% in 2024. Compared to legacy PaaS solutions like Salesforce Heroku, businesses save up to 80% on cloud bills by building on Render while making their applications faster and more secure.
The company has now grown to serve over 500,000 developers who have launched over two billion services on its modern cloud. Thanks to its scalable and reliable infrastructure, websites and applications on Render serve more than one billion monthly visits, and developers create half a million new workloads on the platform every month.
The company’s focus on developer experience has led to rapid growth in customers and revenue over the last year despite a slowing economic climate. Developer signups on the platform increased by 900% annually, and revenue increased by 400% as Render continued its impressive launch cadence and introduced significant new functionality, including new hosting regions, SOC 2 compliance, and disaster recovery for its fully-managed PostgreSQL database.
“Building on Render has been a superpower for Watershed. It lets us focus on what matters most: delighting our customers, rather than managing our infrastructure," said Avi Itskovich, Cofounder, Watershed. "Our team has scaled from one to over fifty engineers on Render's flexible platform, and developers have been able to ship features to customers in hours or days instead of weeks or months. Every startup should start on Render.”
"What makes Render special is its market-leading product that's focused on delivering an outstanding developer experience, robust feature set, and ability to power everything from a simple webpage to complex enterprise applications," said Robinson. "We've been impressed by Anurag and his team's technical leadership and proven track record, as well as the company's strong market pull to-date. We’re thrilled to be partners with Render as they continue to build the best unified, modern cloud offering for developers."
About Render
Render is the leading modern cloud for application development teams who want to focus on bringing ideas to market faster. Render customers can quickly build and scale applications and websites on the industry’s most advanced developer platform with a global CDN, DDoS protection, preview environments, private networking, and auto deploys from Git. The company won the 2019 TechCrunch Startup Battlefield and is privately held by world-leading venture firms, including Bessemer Venture Partners, Addition, and General Catalyst.
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Hong Kong, Boston, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).
