Cloudability, a Portland, Oregon-based provider of cloud cost management solutions, has closed an $8.7m Series A funding.
The round was led by the Foundry Group, with participation from 500 Startups, Trinity Ventures and Wieden + Kennedy.
The company intends to use the funding to further expand its engineering and marketing teams (http://cloudability.com/jobs), build out new, advanced features and accelerate platform development and additional cloud-service integrations.
Launched in 2011 by Mat Ellis, CEO, Cloudability provides SMBs and enterprise organizations with tools that streamline the management of cloud usage and costs for improved IT workflow within any organization. Free to use, it currently enables customers to track all of their accounts (IaaS, PaaS and/or SaaS) from over 90 cloud vendors.
The company has over 15 employees and tracks over $123m in cloud spend for over 3000 customers, in over 80 countries around the world.
In conjunction with the funding, Jason Mendelson, Managing Director for Foundry Group, and Jason Seats, Managing Director of TechStars Cloud and the founder of Slicehost, have joined the Cloudability’s Board of Directors.