California-based Honeycomb, an observability platform for engineering teams to understand, debug, and improve production systems, announced that it has raised $50M (approx €42.9M) in its Series C round of funding. With this, the company has now raised a total of $96.9M (approx €83.16M) in funding to date.
The funding comes as observability adoption rapidly accelerates. According to a report by O’Reilly Media, observability saw 128% growth in the past year while monitoring went up by only 9%
The Series C round was led by New York-based global private equity and venture capital firm Insight Partners. The investment also saw participation from existing investors Scale Venture Partners, Headline (formerly e.ventures), Storm Ventures, Industry Ventures, and NextWorld Capital.
Expansion in Europe
Following the current funding announcement, Honeycomb also announced its official expansion into Europe today. Over the past year, Honeycomb has tripled its European enterprise customer base which includes companies such as HelloFresh and Booking Holdings.
The proceeds from this round will enable the company to launch several initiatives to accelerate its growth in Europe, including increasing awareness of evolving observability practices in the European market and fueling further growth of Honeycomb’s extensive European customer base. The company will also hire and build a new European team to support both existing and new customers across the globe.
The funds will also be invested in engineering community events to further drive awareness, training, and customer enablement toward integrating observability into their modern DevOps, SRE, and software development practices.
Christine Yen, CEO of Honeycomb says, “This infusion of capital accelerates our roadmap and international expansion, and helps ensure that observability and high-performance engineering practices are accessible to all teams—from SRE to product engineering, from novice to expert, from backend to client-side, and from startups to established enterprises going through digital transformation.”
“With the launch of our official presence in Europe and the addition of Andy Hawkins to our team, we can meet the growing demand for our solutions and better serve our expanding customer base in Europe,” adds Yen.
Who is Andy Hawkins?
Former Pivotal, SignalFx, and Chef Software executive Andy Hawkins is joining the company as European Director. Hawkins has more than 20 years of leadership experience in helping organisations adopt DevOps practices and deliver optimal customer experiences.
He will lead Honeycomb’s expansion in the region to grow and scale local support for European customers.
Prior to joining Honeycomb, Hawkins was the Field CTO of application security observability provider TrueFort, Inc. and VP of Technical Operations at SignalFx. Previously, he also served as the Field CTO of Pivotal and the European lead for Chef Software Inc.
Speaking on the expansion, Hawkins says, “With this investment, I believe we are well-positioned to handle the rapid expansion of organisations’ observability needs. I have worked in this space for many years and believe Honeycomb’s approach is truly unique in the industry. I’m excited to join the team at Honeycomb as the company embarks on its next stage of growth.”
Founded in 2016 by Charity Majors and Christine Yen, Honeycomb provides an observability platform for high-performance engineering teams so they can understand what their code does in the hands of real users in unpredictable and highly complex cloud environments.
Using machine analysis, Honeycomb provides clients with fast incident response, system optimisation, and delivering pain-free releases across the software engineering cycle. Founded on the experience of debugging problems at the scale of millions of apps serving millions of users, it helps engineers solve problems quickly.
Some of its customers include HelloFresh, Stripe, Slack, Heroku, CircleCI, and LaunchDarkly, among others.
In the past year, Honeycomb has grown exponentially, tripling the number of fast-growing enterprise customers with a presence in Europe.