Covalent Receives More Funding, Announces Management Changes
Covalent plans to use the additional funds to expand its sales and marketing efforts. The company will also invest further in all business areas, including development of new enterprise management products.Covalent Technologies Monday announced it has obtained $18 million in third-round funding. This funding round is led by Menlo Ventures. Former investors Sequoia Capital and Granite Ventures LLC (formerly H&Q Venture Associates) also provided Covalent with additional monies.
Mark Siegel, general partner at Menlo Ventures, said "We see obvious growth potential in their dominance of the Apache market, as well as future opportunity in their next generation products currently in development. They have two strengths that made them an attractive investment: their superior management products in a very large and important part of the Web applications stack and the strength of their management and engineering teams."
"Over the past year Covalent has delivered on the promise we saw at the time of our initial investment. Through their technology and management team they have achieved great customer traction. Covalent is continuing down the path to becoming a world-class enterprise software company," said Douglas Leone, general partner at Sequoia Capital.
Covalent announced several changes to its management team at this time as well. Mark Brewer joins Covalent vice president of field operations, with primary responsibility for sales. Brewer has more than 10 years of sales experience and was vice president of sales and business development at Banter prior to joining Covalent.
Covalent also promoted Aleks Rabrenovich to vice president of finance and operations and Jim Harter to vice president of professional services.
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