Cloud infrastructure startup HashiCorp raises $175M in Series E funding led by Franklin Templeton, now valued at $5.1 billion valuation

HashiCorp, a San Francisco, California-based cloud infrastructure startup that enables organizations to provision, secure, and run any infrastructure for any application, today announced it has raised $175 million in Series E funding to accelerate its focus on enabling multi-cloud infrastructure automation for organizations around the globe that are working to extract the full value of multi-cloud IT environments. The round was led by Franklin Templeton and included participation from funds and accounts advised by T. Rowe Price Associates, Inc., Geodesic Capital, as well as existing HashiCorp investors GGV Capital, IVP, Mayfield, Redpoint Ventures, and True Ventures.

Founded in 2012 by Armon Dadgar and Mitchell Hashimoto, HashiCorp is an open-source software startup company that provides open source tools and commercial products that enable developers, operators and security professionals to provision, secure and run distributed application infrastructure.

“At HashiCorp, we are providing the Global 2000 with the critical software they need to adopt a cloud operating model for their infrastructure,” said David McJannet, CEO of HashiCorp. “Increasingly, our software is becoming mission critical to the largest organizations in the world, and we take our responsibility to deliver on their expectations very seriously. We are pleased to have Franklin Templeton and T. Rowe Price join as new investors and look forward to the continued partnership with our existing investor partners.”

HashiCorp has experienced more than 100 percent year-over-year revenue growth for four consecutive years, and has more than doubled its customer base each year during the same period. The company continues to see increased demand for its multi-cloud infrastructure automation products HashiCorp Terraform®, Vault™, Consul®, and Nomad™ for infrastructure, security, networking, and application automation, with more than 100 of the Fortune 500 now deploying its commercial products.

With this financing, HashiCorp will focus investments in the people and programs that support its customers around the world – expand its field, support, and customer success organizations worldwide; increase its investment in education, implementation and architectural guidance, and channel and technology partnerships; as well as continue and expand research and development efforts.

“As organizations shift to a multi-cloud operating model, HashiCorp is well-positioned to partner with and enable enterprises to realize the full benefits of their multi-cloud strategy,” said Jonathan Curtis, vice president of equity research and portfolio manager for technology strategies at Franklin Templeton. “This is why we believe HashiCorp has the opportunity to become a foundational infrastructure company, defining and enabling the needs of the largest enterprises as they adopt cloud.”

“HashiCorp has distinguished itself as a leader in cloud infrastructure automation and is well positioned as enterprises modernize their traditional IT environments to be cloud native,” said Alan Tu, portfolio manager, T. Rowe Price Global Technology Fund. “We are impressed by the team and the traction of HashiCorp’s products that help customers provision, secure, connect, and run applications across their multi cloud infrastructure in a consistent and automated way. We are excited about the opportunity ahead for the company.”