Cloudsmith raises $23 million to boost global expansion

Cloudsmith, the cloud-native artifact management platform, has secured $23 million in a Series B funding round led by TCV, with participation from Insight Partners and existing investors.

The company, headquartered in Belfast, is utilised by enterprises requiring control, security, and scalability in their software supply chains. Over the past year, Cloudsmith experienced a substantial 150% growth in its enterprise customer base, including the addition of Fortune 500 and Global 2000 corporations.

The newly acquired capital will be directed towards expanding the company's sales, marketing, and customer success teams. Additionally, it will support innovation in software supply chain security features and investment in artificial intelligence research and development.

Lee Skillen, Cloudsmith's Chief Technology Officer and co-founder, remarked, "Cloudsmith was founded to redefine artifact management, and with this investment, we're accelerating towards our mission at full scale. Alan [Carson] and I remain deeply committed to making Cloudsmith the definitive global leader in software supply chain security."

Glenn Weinstein, the Chief Executive Officer of Cloudsmith, stated, "The way software is built is fundamentally changing, making artifact management mission-critical for developers, cybersecurity professionals, and platform engineers alike. Enterprises need real-time observability, security, and control over their software supply chain. This new investment will help us to keep scaling up to meet the needs of the world's largest and most complex organizations."

Gartner reports that 44% of organisations are planning to significantly increase spending on supply chain cybersecurity. Enterprises are under growing pressure to adhere to regulations such as the U.S. Executive Order on Cybersecurity and the EU's Digital Operational Resilience Act (DORA), which underscores the demand for enhanced visibility, control, and security throughout the software development process.

Cloudsmith offers a fully managed, globally distributed platform, assisting engineering teams in mitigating risks actively without hindrance to their pace. Its policies include continuous security scanning and integration with third-party software supply chain security tools, important factors for large enterprises.

Morgan Gerlak, a Partner at TCV, commented, "We believe in Cloudsmith's vision to become the backbone of modern software supply chains. Cloudsmith is showing why artifact management is a crucial component of the DevOps toolkit, enabling enterprises to better control, secure, and distribute software. We're excited to support the company in its next phase of growth."

Cloudsmith's operations centre in Belfast remains central to its global strategy, while expansion efforts are planned across engineering, product, sales, and customer success teams to accommodate its expanding enterprise clientele. The company currently garners 75% of its revenue from customers based in the United States.

The Series B funding round also saw the continued support from existing investors, including MMC, Frontline, Techstart, Sorenson, Tapestry, and Shasta, who have increased their investment in Cloudsmith.