Liongard has raised $17 million in Series B funding to expand Roar -- the software company's unified automation platform for MSPs (managed IT services providers).
Liongard CEO Joe Alapat shared details about the Series B funding in this ChannelE2E interview:
Liongard Series B Funding: Analysis
Liongard doesn't fit into a traditional MSP software category like PSA (professional services automation) or RMM (remote monitoring and management). Instead, the company's automation software -- called Liongard Roar -- helps MSPs to gain visibility across a customers' entire IT stack -- both on-premises and in the cloud. The overall goal: Empower MSPs to automatically document, audit and secure their clients’ on-premises, network and cloud systems.
Liongard, launched by CEO Joe Alapat and COO Vincent Tran in 2015, has grown to serve MSPs and IT companies in more than 20 countries. The business experienced triple-digit customer growth and doubled the number of teammates who support its platform and customers over the past 18 months, Liongard said in today's funding announcement.
Liongard has attracted multiple MSP and service provider experts to the business. The team has grown to include:
- VP of Managed Services Strategy Shawn Sailer, an MSP and financial services veteran.
- Chief Revenue Officer Adam Slutskin, a ConnectWise veteran who drove sales ahead of Thoma Bravo‘s buyout of that firm.
- CFO Josh Tabin, a veteran of Rackspace (a Top 200 Public Cloud MSP), RigNet (a Top 100 Vertical Market MSP) and big telco service providers.
Poke around a little bit more, and you’ll find senior leaders (Casey Higgins and Mark Sokol, formerly of ConnectWise) and boardroom members (Paul Chisholm, formerly of mindSHIFT) assisting with the business growth, partner enablement and plenty more.
Liongard Series B Funding: Executive Perspectives
True believers in the Liongard include Updata Partners -- which led the Series B funding round. TDF Ventures, Integr8d Capital and private investors also participated in the round. Liongard has now raised $23 million over the last three years.
In a prepared statement about the Series B funding, Alapat said:
“Since the launch of Liongard, the platform’s adoption and popularity with MSPs has grown rapidly, transforming Liongard into a highly recognized brand in the MSP ecosystem. This new investment and the continued confidence of our investors will fuel our growth by giving us the means to further advance our solution’s capabilities and serve our customers at an even better level.”
Added Carter Griffin, a general partner at Updata Partners:
“Liongard has recognized an industry gap and addressed the need for greater visibility in how systems are managed. The team created a valuable solution for MSPs, making the company an excellent investment opportunity for Updata. The combination of Liongard’s in-demand platform, strong market presence, robust roadmap for ongoing growth and strong leadership team point to a company well-positioned for ongoing success.”
Updata Partners of Washington, D.C., is a venture capital firm focused purely on software and software-driven companies. The VC, backed by more than $1 billion in committed capital, has invested in more than 60 companies. Update typically invests $10 million to $30 million of equity into each deal, with the potential for larger investments through LP co-investment.
MSP Software: More Up-and-Comers
The economic climate remains challenging, but the MSP industry largely stabilized in late April. Moreover, multiple software upstarts are gaining traction with MSPs. Up-and-coming software firms that increasingly serve MSPs include Huntress Labs, Nerdio, SentinelOne and Syncro, among many others. No doubt, Liongard belongs on that list as well.