It was just 3 months ago that env0 revealed its product that came along with a $3.3 million Seed investment. Today (Wednesday), the Israeli startup announced an expansion of the Seed funding round with a $3.5 million investment led by Crescendo Venture Partners with participation from newcomers Microsoft’s VC fund, M12, and existing investors, closing a total of $6.8 million for the round.
Almost never meeting face-to-face “we received numerous inquiries from excellent investors”
env0’s platform enables cloud management using infrastructure-as-code architecture, which connects to AWS, Azure, and Google Cloud allowing developers to manage cloud environment as a “self-service” without depending on DevOps teams. The DevOps teams can pre-define projects, templates, and permissions ahead of time, meaning that there’s no need to turn to DevOps teams for the purpose of allocating more cloud resources. According to the company “essentially, env0 does to the world of infrastructure-as-code what GitHub did to Git.”
In a talk with Geektime, env0 CEO and co-founder Ohad Maislish revealed that initially, the company planned on moving towards a Series A round at the end of 2020, however, after launching the product in April “we received numerous inquiries from excellent investors that wanted to get in on the action. Within one or two weeks we received even more investment opportunities and intended to enter a quick due-diligence phase with a number of funds from Israel and the states.”
Nevertheless, the defining factor was the investment proposals exceeding the previous round’s dollar amounts. Today, many funding rounds are held as Down Rounds, meaning investments that are less than previous round evaluations, mainly due to the uncertainty of the looming COVID-19 crisis. The company made the easy decision to strike the iron while it’s hot. “The whole process took place on Zoom,” tells Maislish, who claims that “we met with investors at a cafe only once,” before officially signing off on the investment round.
env0 was founded in 2018 by CEO Ohad Maislish and CTO Omri Hay. Currently, the company employs a team of 10 split between Tel Aviv and NYC offices. According to the company, it intends to put the new funds to use further accelerating R&D for its cloud management platform.