Total amount raised
$38.4 Millions
Latest funding date
09/01/2023
Location
FOSSA has successfully raised funding through multiple rounds, with notable investors including Costanoa Ventures and Bain Capital Ventures. The company recently secured additional investment in a Venture - Series Unknown round on September 6, 2023.
Keep reading to explore the intricacies of FOSSA's fundraising journey and the investors backing this innovative platform.
What Is FOSSA?
FOSSA, founded in 2015 by Kevin Wang, is based in San Francisco, California. The company operates in the compliance, developer tools, open source, SaaS, and software industries.
With an employee count ranging from 51 to 100, FOSSA provides a platform that helps enterprises manage and maximize open-source use at scale. Their flagship product assists teams in tracking the open source used in their code and automating license scanning and compliance.
FOSSA's solutions ensure security, license compliance, and quality standards across third-party code, supporting scanning packages, containers, SBOMs, binaries, and more. Their platform is trusted by leading companies for its comprehensive and automated solutions.
How Much Funding Has FOSSA Raised?
- Seed Round
- Amount Raised: $2.2M
- Date: February 2017
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their initial product for managing open-source compliance.
- Series A
- Amount Raised: $8.5M
- Date: September 2019
- Lead Investors: Bain Capital Ventures, Costanoa Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their platform's capabilities and scale their operations.
- Series B
- Amount Raised: $23.2M
- Date: October 2020
- Lead Investors: Bain Capital Ventures, Canvas Ventures, Costanoa Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of their open-source inventory and management tools.
- Venture Round
- Amount Raised: $4.5M
- Date: September 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance their platform and expand market reach.
Total Amount Raised: $38.4M. Current Valuation: Not publicly disclosed.
Key Investors
- Bain Capital Ventures
- Details: Bain Capital Ventures is a leading venture capital firm that invests in early to growth-stage companies. They have a strong track record of supporting innovative startups across various industries.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
- Costanoa Ventures
- Details: Costanoa Ventures is a venture capital firm that focuses on early-stage investments. They aim to support entrepreneurs in building lasting companies.
- Investment Focus Areas: SaaS, enterprise software, fintech.
- Notable Investments: Alation, Intacct, Quizlet.
- Canvas Ventures
- Details: Canvas Ventures is a venture capital firm that invests in early-stage technology companies. They are known for their hands-on approach and deep industry expertise.
- Investment Focus Areas: Fintech, digital health, marketplaces.
- Notable Investments: Zola, Roofstock, Everwise.
What's Next for FOSSA?
FOSSA stands at the cusp of significant growth opportunities, driven by the increasing adoption of open source software and the rising need for software composition analysis (SCA) tools. With over 50% of enterprise applications expected to integrate SCA tools in the next 18 months, FOSSA is well-positioned to expand its market presence across various industries, including manufacturing, financial services, and government.
As the company continues to innovate and develop new tools for managing open source standards, future fundraising opportunities are likely to arise. These funds could be pivotal in enhancing FOSSA's technology and expanding its reach. However, the journey is not without challenges. Managing open source standards at scale, especially in complex environments, remains a significant hurdle. Additionally, the current lack of mature technology for enterprise-level open source security and compliance could pose obstacles.
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