Codacy raises $5.1m
Lisbon, Portugal – AUGUST 17, 2017 – Codacy (www.codacy.com), the Lisbon-based automated code review platform, today announces the completion of its latest funding round of $5.1 million. Lead investor in the A round was the EQT Ventures fund (“EQT Ventures”), along with existing investors, Faber, Caixa Capital, Join Capital, and Seedcamp.
Since launching in 2014, Codacy has been used by hundreds of companies who are dedicated to creating the highest quality software and services, including Deliveroo and Cancer Research UK, amongst others. Codacy is a platform that can be used either on-premise or in the cloud by developers to check the quality of their code, implement code quality standards, and deploy better code, faster.
Codacy was founded by Jaime Jorge and João Caxaria in Lisbon in 2013. Since then, the team has grown to 13 people and will expand over the coming year, with the company hiring a number of new positions including software engineering, customer success, sales and marketing.
Jaime Jorge, co-founder and CEO of Codacy said: "When we set out to build Codacy, we wanted to create tools for other likeminded developers. We’ve been overwhelmed with the response we’ve had from our customers. It’s been wonderful to work with and help companies who take enormous pride in their code and are always striving to create the highest quality software and services. Codacy helps developers to focus on the code they need to ship, quickly, while we make it easy for them to retain quality control. This round will help us to further build our team so we can continue to expand our offering to a broader base of customers while still focusing on providing the best-in-class platform our customers are accustomed to.”
Tom Mendoza, Venture Lead and investment advisor to EQT Ventures, who will be joining the Board of Codacy, said: "We were so impressed by Jaime, João and the whole team. What they’ve managed to build so far and the customers already using Codacy are very impressive. We knew very quickly that the team at Codacy was a team that EQT Ventures wanted to back. With software development continuing to grow at pace and the pressure now on for developers to ship code faster, Codacy is the perfect platform to help companies make significant efficiency gains. The team at EQT Ventures can’t wait to work with Codacy’s team.”
Founded in 2013 in Lisbon by Jaime Jorge and João Caxaria, Codacy is an automated code review platform which lets developers review code, ship code faster and save hours of development time. Codacy is used by over 25,000 developers and thousands of organisations around the world, including Paypal, Adobe, Qlik, Cancer Research UK, Deliveroo and more.
About EQT Ventures
EQT Ventures is a new European VC fund with commitments of just over €566 million. The fund is based in Luxembourg and have investment advisors stationed in Stockholm, Amsterdam and London. Fuelled by some of Europe’s most experienced company builders, EQT Ventures help the next generation of entrepreneurs with capital and hands on support. EQT Ventures is part of EQT, a global leading alternative investments firm, with more than 170 investments and 80 exits. EQT has raised approximately EUR 37 billion, and its companies employ c. 110,000 people and have revenues of approximately EUR 19 billion.