Cloudability secures $6M


Portland startup proves that investors are still interested in cloud-based companies.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

Cloud-based startups garner a lot of attention from investors and a Portland-based company reflects that momentum.

Cloudability secured more than $6 million in a recent round that could be as high as $12 million, according to the Portland Business Journal.

The news came from two filings with the Securities and Exchange Commission: One was for $6 million, the other for $750,000.

Two existing investors are listed in the filing: Jason Mendelson, managing director of Foundry Group, and Jason SeatsC, managing director and partner at Techstars Ventures.

Prior to this money, the company had raised $9.8 million across three rounds. Its last raise was $8.7 million in July 2012.

(SOURCE: Portland Business Journal)

Cloudability employs 40 people in its downtown Portland office.

Founded in 2011, Cloudability helps companies manage their spending when they contract with other companies to house their data or software applications. Clients include Adobe, Uber and the visual storytelling site Imgur.

Cloudability has made three small acquisitions this year, CloudVertical, Attribo and a Portland startup called RipFog. Cloudability employs 41, all but three of those in Portland. That’s up from 15 in 2012.

(SOURCE: OregonLive.com)

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