Portland-based IT automation startup Puppet Labs is growing fast, and now the company has more fuel to add to the fire.
The company announced today $40 million in fresh funding, following a $30 million round last year.
Existing investors — Cisco, Google Ventures, Kleiner Perkins Caufield & Byers, Triangle Peak Partners, True Ventures and VMware — led the deal. Total funding now stands at $86 million since 2009, making it one of the most heavily-funded Portland area startups.
“Puppet Labs is growing fast for a reason: IT automation is critical for any company that uses software to compete,” said Luke Kanies, founder and CEO of Puppet Labs, in a release. “Today, we help more than 18,000 organizations automate IT, both on premise and in the cloud. But we’re just getting started. This funding round enables us to further our leadership position by entering new markets and helping our customers deliver great software faster than ever.”
Meanwhile, Puppet Labs CFO Bill Koefoed, a former Microsoft vet who joined the startup last fall, tells The Oregonian that revenues nearly tripled last year to $25.9 million, and that they want to be “a billion dollar company.”
Puppet Labs competes in the same arena as Seattle-based Chef, which raised $32 million in funding last December.
Earlier this year, Puppet announced plans to move into a larger office space in Portland’s Skidmore District, one with room for as many as 500 staffers. It will be tough to upgrade from the company’s awesome current office in the Pearl District, which we toured earlier this year.