ScaleGrid Raises Growth Equity Round from Spotlight Equity Partners to Accelerate Expansion and Further Invest in Product Roadmap
PALO ALTO, Calif., July 20, 2021 /PRNewswire/ -- ScaleGrid, a leading Database-as-a-Service (DBaaS) provider with its headquarters in Palo Alto, CA and with offices in Bangalore, India and Vancouver, Canada, today announced a growth equity round led by private equity firm Spotlight Equity Partners to support its growth in the managed databases market. ScaleGrid provides fully managed database hosting solutions for MySQL, PostgreSQL, Redis™, MongoDB® Database and Greenplum on both private and public clouds. The managed database market is a rapidly expanding market, and, according to Gartner, is expected to account for 50% of the total database management system market revenue by 2023. Gartner also projects that by 2022, 75% of all databases will reside in the cloud.
Despite challenges posed by the ongoing global COVID-19 pandemic, ScaleGrid tripled its revenue and customer count in 2020 due to continued investment in its product-led growth strategy and a usage-based pricing model that provides customers with flexibility as their database requirements change. ScaleGrid will use this new funding to invest in new product capabilities, while also adding support for new databases and cloud providers. These product additions will make ScaleGrid an even more attractive choice for corporations that are in need of a single platform solution for their database management across public and private clouds. ScaleGrid currently serves both small and medium-sized business customers spanning over 100 countries as well as enterprises like Atlassian, Education Testing Service, Accenture, and VMware, among others.
ScaleGrid's offering is fully managed and hosted via ScaleGrid on the cloud provider of a customer's choice through its standard Dedicated Hosting plans, but the company also offers a unique Bring Your Own Cloud (BYOC) model that allows customers to host their databases through their own cloud account. All of ScaleGrid's cloud solutions include advanced configuration and control options, including full superuser access, custom replica setups, and the ability to leverage any instance type. These are in addition to ScaleGrid's automation tools that allow customers to deploy, monitor, backup, and scale deployments through a few simple clicks.
"We are extremely excited to be part of the Spotlight family. The Spotlight team has decades of experience building and growing enterprise software companies like ScaleGrid." says Dharshan Rangegowda, CEO and founder of ScaleGrid. "With Spotlight by our side, we are well positioned to innovate and bring new solutions to our customers, existing and new."
"We are thrilled to partner with Dharshan and the ScaleGrid team and look forward to building great solutions to help our customers manage their increasingly complex database needs so that they, in turn, can support the needs of their constituents." says Suken Shah, Managing Partner at Spotlight Equity.
Allied Advisers served as exclusive financial advisor for ScaleGrid in this transaction. Wilson Sonsini Goodrich & Rosati served as legal advisor to ScaleGrid. Spotlight Equity Partners was advised by McDermott Will & Emery in this transaction.
To learn more about ScaleGrid, visit https://scalegrid.io/ and follow on Twitter @scalegridio.
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