Convex
Total amount raised
$128 Millions
Latest funding date
April, 2022
Convex
Location
Title
Convex has successfully raised $26 million in a single funding round, achieving a valuation of $128 million. The platform is a serverless cloud operating system designed to revolutionize software development by enabling teams to build fast, reliable, and scalable dynamic systems without the need for DevOps management.
Keep reading to explore the intricacies of Convex's fundraising journey and the investors backing this innovative platform.
What Is Convex?
Convex, founded in 2019 by Sujay Jayakar and James Turner, is headquartered in San Francisco. The company specializes in providing a serverless cloud operating system designed to revolutionize software development.
With a team of 11-50 employees, Convex aims to empower developers to build fast, reliable, and scalable dynamic systems without the need for deep DevOps knowledge. Their platform supports real-time updates, AI-generated code, and seamless integration with popular frameworks.
Convex's mission is to change how software is built on the Internet, enabling teams to develop sophisticated applications on their laptops and deploy them seamlessly on managed backends.
How Much Funding Has Convex Raised?
- Seed Round
- Amount Raised: Not specified
- Date: November 2021
- Lead Investors: Neo
- Motivation Behind the Round: To kickstart the company and develop the initial product, which is currently in beta testing.
- Series A Round
- Amount Raised: $25,700,000
- Date: April 27, 2022
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $128,000,000
- Motivation Behind the Round: To further develop the product, expand the user base, and prepare for a general release. The funding will also support the company's strategy to offer both free and enterprise-grade products.
Total Amount Raised: $25,700,000
Current Valuation: $128,000,000
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a leading venture capital firm based in Silicon Valley. The firm is known for its investments in high-growth technology companies.
- Investment Focus Areas: Technology, Innovation, Startups
- Notable Investments: Facebook, Airbnb, Slack
- Netlify
- Details: Netlify is a web development platform that simplifies the process of deploying and managing web applications. The company has achieved a billion-dollar valuation.
- Investment Focus Areas: Web Development, Platforms, Developer Tools
- Notable Investments: Not applicable as Netlify is primarily known for its own growth.
- Neo
- Details: Neo is an early-stage venture capital firm that focuses on investing in technology startups. The firm aims to support innovative companies from their inception.
- Investment Focus Areas: Early-Stage Technology, Startups, Innovation
- Notable Investments: Not specified in the sources.
- Elad Gil
- Details: Elad Gil is a prominent solo investor and entrepreneur known for his investments in high-growth technology startups. He has a background in both founding and scaling companies.
- Investment Focus Areas: High-Growth Technology, Startups, Innovation
- Notable Investments: Airbnb, Stripe, Coinbase
What's Next for Convex?
Convex stands at the cusp of a significant opportunity, aiming to simplify web development by eliminating the need for traditional databases. This innovation could transform how frontend engineers manage backend tasks, particularly in real-time applications. With a valuation of $128 million, the potential for growth is substantial as Convex targets a core need in the industry.
As Convex moves towards revenue generation, future fundraising opportunities are likely. The company plans to release a general product soon and start closing enterprise deals within a year. However, challenges such as competition from startups like Xata and ChiselStrike and the need to prove their product's reliability in large-scale applications could pose hurdles.
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