Apprenda has just raised $24 million of venture capital in the company’s largest funding round to date.
The money will position the software developer to double its employee count and improve software products.
In total, the Troy, New York business has raised $56 million in venture capital investments. This most recent round was fueled by existing investors including Safeguard Scientifics (NYSE: SFE), with contributions from New Enterprise Associates and Ignition Partners.
Apprenda builds a software platform that allows its customers create computer applications, such as those used in ATM transactions. The company will use the funding to advance its software products, which help large organizations such as JPMorgan Chase, McKesson, and AmerisourceBergen.
Apprenda also will use the money toward an aggressive hiring plan to expand its engineering, product, client services and sales teams. Apprenda’s workload is growing, putting it in a position to add 40 new employees that will almost double its workforce. Abraham Sultan, co-founder and vice president of engineering, outlined that plan to the Business Review in June.
Albany’s weak venture capital performance has held back the area’s startup community, forcing many companies to move elsewhere to attract money. According to the most recent MoneyTree report by PricewaterhouseCoopers, no companies in the Albany region raised venture capital in the second quarter of 2015. There were only six deals throughout all of upstate New York.
Apprenda is among the minority of tech companies in the area that have had success raising large amounts of venture capital. When the company raised $16 million in 2013, it gained national attention, including a Forbes magazine profile that named it “the anti-Silicon Valley startup.”
Apprenda is celebrating its newest investment during an event today at the company’s office in downtown Troy.