Copado Valuation, Funding & Investors

Copado is valued at $1.2B as of September 2021.

Last Copado valuation

$1.2B

Series C · Sep 2021

Last Copado funding round

$140M

Series C · Sep 2021

Cumulative funding Copado raised

$271M

across 4 funding rounds

Key investors in Copado

  • Insight Partners
  • Salesforce Ventures
  • Isai
  • Lead Edge Capital
  • Perpetual Growth
  • SoftBank Group

Copado Overview

About Copado

Copado is a Salesforce DevOps platform that automates continuous integration, delivery, testing, and compliance for enterprise customers. The solution supports version control, automated deployments, and regression testing across Sales Cloud, Service Cloud, and Marketing Cloud environments. Copado serves Fortune 500 companies including financial institutions and healthcare providers undergoing digital transformations. Headquartered in Zurich, Switzerland, with offices in London and Boston, the platform integrates with Jira, Git, and Selenium for end-to-end release management.


Founded

2013

HQ

United StatesChicago, IL

Website

copado.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$1.2B (Sep 2021)

Copado Valuation

Copado is currently valued at $1.2B, based on its Series C in September 2021.

The $140M round was led by Insight Partners, with participation from Salesforce Ventures, Declaration Partners, DG VENTURES, SoftBank Group, Lead Edge Capital and 3 other investors.

Copado's valuation has grown 3.0x from $400M at its Series B in February 2021 to $1.2B in September 2021, across 2 priced rounds.

Copado valuation by funding round

Copado valuation by funding round
DateStageValuation
Sep 2021Series C$1.2B
Feb 2021Series B$400M

Copado Funding History

Copado has raised a total of $271M across 4 funding rounds.

Copado's first fundraising round was a $9M Series A in September 2018. The most recent completed round was a $140M Series C in September 2021.

Copado funding rounds

Copado funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Series CInsight Partners (lead); Salesforce Ventures; Declaration Partners; DG VENTURES; SoftBank Group; Lead Edge Capital; Isai; IBM Ventures; Perpetual Growth$140M$1.2BCopado is a leading DevOps platform for Salesforce and multi-cloud environments, enabling enterprises to accelerate digital transformation through automated planning, building, testing, and releasing with governance and compliance. The company serves over 1,100 global brands including Coca-Cola, Medtronic, T-Mobile, Volkswagen, Standard Bank, and TalkTalk Group, processing millions of DevOps transactions monthly and achieving high AppExchange ratings. On September 13, 2021, Copado raised $140 million in a Series C round led by Insight Partners, with participation from Declaration Partners, DG Ventures, IBM Ventures, Salesforce Ventures, SoftBank Vision Fund, Lead Edge Capital, Perpetual Growth, and Isai, bringing total funding to $257 million and approaching or topping a $1.2 billion valuation. The proceeds were earmarked for expanding the platform across enterprise SaaS clouds, enhancing testing capabilities, international growth, innovation, and hiring, with the workforce already surpassing 500 employees globally following acquisitions of New Context and Qentinel for security and AI testing. Copado demonstrated explosive growth leading into the round, more than doubling annual recurring revenue (ARR) in the first half of fiscal 2022, tripling seven-figure client engagements, and adding strategic partnerships with IBM and SoftBank Robotics. Earlier in February 2021, a $96 million Series B extension valued the company at $400 million and reported 120% ARR growth in 2020 with plans to double again that year, expanding from 200 to over 1,000 customers and workforce to 220 employees. The company reported over 116% year-over-year revenue growth in 1H FY2021, with 242% growth in Europe, 110%+ net retention, and expansions into public sector projects amid the pandemic, positioning it as a unicorn in the Salesforce DevOps ecosystem.
Feb 2021Series BInsight Partners (lead); Salesforce Ventures (lead); Lead Edge Capital; Isai; Perpetual Growth$96M$400MCopado is a Chicago-based DevOps platform that integrates with cloud and no-code platforms like Salesforce to automate deployment pipelines, agile planning, compliance, analytics, and reduce bugs or downtime for enterprises undergoing digital transformations. On February 17, 2021, Copado closed a $96 million Series B funding round co-led by Insight Partners and Salesforce Ventures, with participation from Lead Edge Capital, ISAI Cap Venture (Capgemini and ISAI joint fund), and Perpetual Investors, bringing total funding to $117 million. The company planned to use proceeds to expand its enterprise DevOps platform and fuel international growth, capitalizing on strong 2020 performance driven by Salesforce demand and oversubscribed investor interest. CEO Ted Elliott highlighted Copado's role in accelerating development lifecycles for Salesforce customers, enabling faster feature delivery with higher adoption, governance, and compliance in a multi-cloud world. Insight Partners' Nikitas Koutoupes noted Copado's positioning for a multi-billion dollar opportunity, proven ability to redefine customer experience delivery with Salesforce, and vision to scale across multiple clouds, crediting the team's momentum at this stage. The valuation for this February 2021 Series B was reported as $400 million. This Series B followed prior investments and preceded a larger September 2021 Series C round of $140 million led by Insight Partners with SoftBank Vision Fund 2, Salesforce Ventures, IBM Ventures, and others, achieving a nearly $1.2 billion unicorn valuation to expand testing software across SaaS platforms and into Asia-Pacific. Copado serves over 1,000 companies including Boston Scientific, Coca-Cola, and Shell, processing 50 million DevOps transactions monthly with a 100% Salesforce AppExchange rating.
Jun 2020Series BInsight Partners (lead); Salesforce Ventures; Lead Edge Capital; Isai; Perpetual Growth$26M-Copado is a leading native DevOps platform primarily for Salesforce, enabling cloud deployments, release processes, developer productivity, security, compliance, and return on cloud investments through its DevOps 360 suite. In June 2020, the company raised $26 million in Series B funding led by Insight Partners, with participation from existing investor Salesforce Ventures and new investors Lead Edge Capital, ISAI Cap Venture (Capgemini and ISAI joint fund), and Perpetual Investors, bringing total funding to $47 million. The proceeds were intended to expand global distribution, accelerate product innovation including the DevOps analytics platform DevOps 360, enhance platform capabilities, and support customer growth. At the time of the Series B, Copado was on an exponential growth trajectory, having more than doubled its revenue in the last year, tripled its headcount, expanded operations globally, and launched training programs for over 10,000 Copado certified DevOps professionals in 2020. The platform was trusted by over 500 major customers including Amgen, Conga, Cox Communications, KUKA, Linde, Orange S.A., The Coca-Cola Company, and the U.S. Department of Veterans Affairs for delivering digital transformation projects with high trust and quality. Copado focused on Salesforce's ecosystem but was expanding to multi-cloud support including Heroku and MuleSoft, targeting the $18 billion DevOps market driven by cloud and low-code adoption.
Sep 2018Series AInsight Partners (lead); Salesforce Ventures$9M-Copado is a cloud-based DevOps platform built on Salesforce, providing release management and deployment automation for enterprise software development teams. The company was founded in 2013 in Madrid, Spain, and had achieved self-funded organic growth of 300% year-on-year prior to its Series A round. In September 2018, Copado secured €7.5 million in Series A funding led by Insight Venture Partners, with participation from Salesforce Ventures. The capital was designated for expanding product functionality and supporting continued global growth. The platform became a leading release management solution on the Salesforce AppExchange, helping development teams streamline end-to-end release processes, reduce deployment errors, and accelerate time-to-market for business applications built within the Salesforce ecosystem.

Who has invested in Copado?

9 investors have backed Copado across its funding rounds, including Insight Partners, Salesforce Ventures, Isai, Lead Edge Capital, Perpetual Growth and SoftBank Group.

Lead investors include Insight Partners and Salesforce Ventures.


Copado Investors

Investors in Copado by funding rounds participated
InvestorHQRoundsRoleFirst check
Salesforce VenturesUnited StatesSan Francisco, CA4LeadSep 2018
Insight PartnersUnited StatesNew York City, NY4LeadSep 2018
Lead Edge CapitalUnited StatesNew York City, NY3ParticipantJun 2020
IsaiFranceParis3ParticipantJun 2020
Perpetual GrowthGermanyMunich3ParticipantJun 2020
Declaration PartnersUnited StatesNew York City, NY1ParticipantSep 2021
DG VENTURESJapanTokyo1ParticipantSep 2021

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Acquisitions by Copado

Copado has acquired 5 companies to date.

Last acquisition by Copado was on February 1st 2022. Copado acquired Qualibrate for undisclosed valuation.


Latest Acquisitions by Copado

Qualibrate
IOVIO
Qentinel
New Context
Description
Qualibrate is a codeless test automation platform for SAP, Oracle, Salesforce, and web applications. It combines scriptless recording, AI-driven object recognition, and reusable modules for regression testing. The solution generates living documentation and training materials from test runs. Breda-headquartered in the Netherlands, Qualibrate serves European enterprises in manufacturing and finance to cut testing efforts by half.
IOVIO is a quality assurance and testing services provider specializing in test automation, performance testing, and SAP implementations. With offices in the Netherlands, United Kingdom, Romania, and Mexico, the company deploys consultants for IT projects at Fortune 500 clients. IOVIO supports complex enterprise migrations and digital transformations across Europe and North America.
Qentinel is a Helsinki-based test automation platform supporting SAP S/4HANA, Oracle EBS, and Salesforce in hybrid clouds. Launched in 2016, its AI codeless tool automates 80% of end-to-end processes for Nordea Bank and Kone elevators. Deployments run on AWS without agents, generating 10,000 tests daily.
New Context is a San Francisco-headquartered provider of DevSecOps services for multi-cloud environments serving Fortune 100 enterprises and U.S. government agencies. It deploys Kubernetes orchestration, CI/CD pipelines, and security scanning for AWS, Azure, and Google Cloud workloads. The company supports over 200 clients with compliance for FedRAMP and delivers infrastructure-as-code for high-availability systems.
HQ CountryNetherlandsNetherlandsFinlandUnited States
HQ City
Amsterdam
Amsterdam
Espoo
San Francisco, CA
Deal Date1 Feb 202231 Jan 202229 Jun 202117 Mar 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Copado Competitors

Copado competitors include listed companies like PagerDuty and Dameng Database, and private ones like CloudBees, Aikido Security, CAST AI and Spectro Cloud.

Public and private companies comparable to Copado
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CloudBeesUnited StatesSan Jose, CAPrivate$150M-$1.1B7.7x
PagerDutyUnited StatesUnited StatesPublicly listed$493M$17M$1.1B2.2x
Aikido SecurityBelgiumGhentPrivate$13M-$1B76.9x
CAST AIUnited StatesMiami, FLPrivate--$1B-
Spectro CloudUnited StatesSan Jose, CAPrivate--$1B-
Dameng DatabaseChinaChinaPublicly listed$195M$84M$3.4B12.5x

Copado Public Comps

Copado is still privately-owned, but its public comps include PagerDuty, ZeroStack, Dameng Database, GitLab, Elastic, JFrog, MongoDB, Cloudflare and Snowflake.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PagerDuty$493M$17M2.2x2.2x64.6x7.7x
ZeroStack$36M($115M)2.8x3.2x(0.9x)-
Dameng Database$195M$84M15.3x12.5x35.5x27.6x
GitLab$955M($82M)7.5x6.7x(87.0x)44.3x
Elastic$1.7B$35M4.9x4.6x244.4x25.5x
JFrog$532M($67M)20.3x17.4x(159.9x)88.4x
MongoDB$2.5B($104M)11.9x10.4x(282.5x)49.6x

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Common questions about Copado

When was Copado founded?Copado was founded in 2013.
Where is Copado headquartered?Copado is headquartered in Chicago, IL, United States.
Is Copado publicly listed?No, Copado is a private, VC-backed company.
What is Copado's valuation?Copado was last valued at $1.2B in its Series C in September 2021.
How much funding has Copado raised?Copado has raised $271M across 4 funding rounds.
What was Copado's last funding round?Copado's last funding round was a $140M Series C in September 2021, led by Insight Partners.
Who are Copado's investors?Copado's investors include Salesforce Ventures, Insight Partners, Lead Edge Capital, Isai, Perpetual Growth, Declaration Partners, DG VENTURES, SoftBank Group and IBM Ventures.
Which companies are comparable to Copado?Companies comparable to Copado include CloudBees, PagerDuty, Aikido Security, CAST AI, Spectro Cloud and Dameng Database.
How many companies has Copado acquired?Copado has acquired 5 companies, including Qualibrate, IOVIO, Qentinel, New Context and ClickDeploy.io.

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