Sauce Labs secures $50m investment from Riverwood Capital
Sauce Labs, the San Francisco-based cloud testing vendor, has secured a $50 million investment from private equity firm Riverwood Capital, which specialises in investing in technology companies. Sauce Labs said it will use the investment to accelerate its core business growth and evolve its portfolio beyond functional testing.
Sauce Labs said it plans to: “Accelerate its investment in research and development, as well as aggressively pursue strategic growth opportunities.” In conjunction with the funding, Jeff Parks from Riverwood Capital will join the Sauce Labs Board of Directors.
“As leading digital brands increasingly emphasize rapid delivery of flawless web and mobile applications, the global continuous testing market continues to grow and evolve,” said Charles Ramsey, CEO, Sauce Labs. “With this new round of funding from Riverwood, Sauce Labs is well positioned to continue its rapid growth. We look forward to expanding our solution set, delivering innovations that define the future of continuous testing, and accelerating our customers’ digital journeys.”
“From day one, we were impressed by Sauce Labs’ history of market leadership, its commitment to engineering excellence, the passion of its employees and the loyalty of its customers,” said Jeff Parks, Co-Founder and Managing Partner, Riverwood Capital. “We envision a day in the not-too-distant future in which every company in the world invests heavily in continuous testing, and we’re thrilled to partner with Charles and his world-class management team to help take Sauce Labs and its customers to new heights.”