Investment brings the software company to $1.25B valuation and establishes Tackle as the category leader helping companies build a successful Cloud Marketplace business
Boise, ID /PRNewswire/ - Tackle.io, a software company dedicated to helping software providers generate revenue through the clouds, today announced a $100 million Series C funding round. The round brings the company's valuation to $1.25 billion and was co-led by Coatue and existing investor Andreessen Horowitz, and included participation from Bessemer Venture Partners.
The funding, which comes 9 months after a $35M Series B, brings Tackle's total funding to $148M. The round will help Tackle fast-track the execution of its product roadmap and expand its global reach while furthering its mission to help software companies sell through the Cloud Marketplaces offered by AWS, Azure, GCP, and IBM / Red Hat.
"This has been a tremendous year for Tackle, as we've tripled the size of our team and more than doubled our customer count," said John Jahnke, CEO of Tackle. "Our customers today are primarily hypergrowth startups and we are excited to leverage this investment to broaden our platform in support of startups looking to build a Marketplace-native go-to-market as well as enterprises that are retrofitting their product portfolios to align to the cloud buyer. Tackle's mission is to provide a global enterprise grade platform focused on bringing a Marketplace Cloud GTM to the masses."
In its annual State of the Cloud Marketplaces Report, Tackle found that 83% of B2B buyers said they were likely or extremely likely to purchase through Marketplaces and 67% of sellers said they were investing more into building their cloud go-to-market (Cloud GTM). The report also predicts Marketplace growth will happen even faster than previously reported, expecting $50B in throughput by the end of 2025.
The era of digital selling of software is here and Tackle has emerged as the only platform solution purpose-built for software companies—like CrowdStrike, Lacework, and VMware—to launch, scale, and operationalize their businesses through the Cloud Marketplaces.
"We innovate on behalf of the ISV community," said Dillon Woods, founder and CTO of Tackle. "Our customers love how we build seller and buyer experiences on top of the Marketplaces that eliminate friction and ultimately deliver on every buyer's desired outcome: access to the software they need to innovate."
With this funding, Tackle will continue to invest deeply into bringing Marketplaces closer to the point where buyers discover as well as more deeply integrating Marketplaces into core software company systems like Salesforce. Tackle will also streamline the workflow between co-sell systems and the Marketplaces to provide a single end to end integrated experience.
As part of the funding round, David Schneider, General Partner at Coatue, will join Tackle's board as an observer. "We have followed Tackle for some time because many of our portfolio companies leverage the platform to accelerate their revenue through the clouds," said Schneider. "I have seen a lot of go-to-market systems in my career and it is rare, and exciting, to see a SaaS company like this that enables direct access to budget and buyers. We believe Tackle is well positioned to help all sellers accelerate their shift toward Cloud Marketplaces and digital selling."
Tackle's customers have similar sentiments. "We have seen a significant increase in demand for OutSystems' low code platform, and the Cloud Marketplaces are key to our growth strategy," said Robson Grieve, CMO at OutSystems. "The Tackle Platform makes leveraging Marketplaces a business decision versus a distraction to product and engineering teams, and Tackle's focused experts have helped guide us along our journey from first transaction to at scale revenue across the clouds."
For more information about Tackle, visit tackle.io.
Tackle is a software company dedicated to helping software providers accelerate revenue through Cloud Marketplaces. Tackle's Cloud Marketplace Platform drastically reduces time to list and sell products on the Marketplaces while providing granular transaction reporting, all with zero engineering resources required. Tackle works with 350+ cloud leaders today, including A Cloud Guru, AppDynamics, Auth0, Fivetran, HashiCorp, Looker, McAfee, NewRelic, PagerDuty, and Talend. Tackle is available for purchase on the AWS Marketplace, Azure Marketplace, Google Cloud Platform Marketplace, and Red Hat Marketplace.
Coatue is one of the largest technology investment platforms in the world with more than $45 billion in assets under management. Our dedicated team of engineers and data scientists work closely with investment professionals to add value to founders and executive teams in our portfolio. With venture, growth and public funds, we back entrepreneurs from around the globe and at every stage of growth. Some of our private investments have included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap, Snowflake and Spotify.
About Andreessen Horowitz
Andreessen Horowitz (a16z) is a Silicon Valley-based venture capital firm that backs bold entrepreneurs building the future through technology. The firm is stage agnostic, investing in seed to late-stage technology companies, across the consumer, enterprise, bio/healthcare, crypto, and fintech spaces. a16z has over $19 billion in assets under management across multiple funds. See portfolio companies here: https://a16z.com/portfolio/.