K2, a company that helps companies build business apps, has raised more than $100 million from Francisco Partners in a Series C round of capital. The Bellevue-based firm previously raised $16 million in 2006. Francisco will pick up two board seats as part of the deal.
As a firm, K2 has seen quick growth in recent years. The company told TechCrunch that its subscription revenue has grown 430 percent in the last four years. K2 expects to generate revenue of $75 million in 2015, and indicated that it had revenue of between $60 million and $70 million in the last 12 months.
Let’s play fun with vanity metrics: K2 noted to TechCrunch that more than 20 percent of the Fortune 100 are its customers, and 45 percent of its top line comes from international sources.
A growing SaaS business that sells to enterprise clients raising more than nine figures? If that sounds almost banal in the era of Dropbox and Box, what makes K2 interesting is the lag between its last capital moment in 2006 (a bit ago) and today.
I spoke to the company’s CEO, Adriaan van Wyk, about the decision to raise more funds now; given that the company waited so long to do so, it quite obviously wasn’t burning much cash over the years or it would have died. The executive detailed his business strategy: K2 likes to spend money when it makes money.
Read the complete article on TechCrunch.