Scoop: Tech Startup, Kandji Raises $100M at a $850M Valuation
Kandji manages Apple devices in the workplace and has 1,000+ customers.
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Software startup Kandji has closed its fourth round of financing, raising $100 million in a Series D funding round.
The startup, which provides Apple device management solutions for Allbirds, Canva Notion, and other large enterprises — has reached a valuation of $850 million with the new funding, according to TechCrunch.
The round was led by San Francisco-based venture capital firm General Catalyst, which has roughly $25 billion assets under management. It joins existing investors such as Tiger Global, First Round Capital, Greycroft, B Capital Group, SVB Capital and Okta Ventures, and others.
“Since our last round, we've seen our annual recurring revenue increase by more than 600 percent, customers have grown by nearly 4 times across more than 40 industries,” said Adam Pettit, co-founder and chief executive at Kandji.
“We've expanded globally driven by our London and Sydney offices with 30 percent of customers based outside North America,” said Pettit, who founded Kandji six years ago after his company Interlaced.io was acquired by Evergreen in 2018.
How it Works
Mr. Pettit said that the firm is “revolutionizing Apple device management,” adding that it has created a growing business simply by helping IT manage the growing list of Apple devices in a modern and streamlined way.
The company’s software provides app patching, alerts, one-click compliance templates, privacy and automated device set-up, as well as one-password sign-in.
Kandji — which has nearly 300 employees — currently has partnerships with ServiceNow, Amazon Web Services (AWS), and Okta.
It competes directly with Apple and legacy players like Jamf and other mobile device management (MDM) vendors. For most corporations, Windows-based computers still make up the bulk of the hardware used by remote workers.
“I would say we compete with every player on the market, and our win rates against legacy MDM solutions are very high,” Pettit told TechCrunch. “Two-thirds of our business globally each quarter comes from us ripping and replacing other solutions.”
Growing the Firm Globally
Kandji will use the fresh capital for hiring for engineering, product and product design, said Pettit, and plans to add AI capabilities to its platform.
To date, more than 1,000 companies are using Kandji to deploy, secure and manage Apple devices among their distributed workforces.
It counts Attentive, Amplitude, Belkin, Lacework, Monzo, Noom, Rackspace, Remitly, Segment and Whoop as customers.
Kandji joins a handful of San Diego tech startups that have raised large funding rounds in the past six months, including Platform Science ($125 million), Epitone ($30 million) and Liquid Instruments ($12 million).
The company has raised $288 million from investors, to date.