Testlio, which tests software for some of the world’s largest digital companies, said on Tuesday it had raised $ 12 million in Series B funding to expand its network testing capabilities and commercial presence.
Austin-based company helps clients like Fox, Microsoft, NBA, Netflix, and SAP launch better products faster with on-demand testing on any device, anywhere, and in any which language.
Testlio said in a statement that demand for software testing has “skyrocketed” as product and engineering teams find themselves under pressure to develop products under tight deadlines and in anticipation of user experiences. High quality.
âOur customers are delivering better digital experiences through the networked testing model,â Testlio CEO Steve Semelsberger said in a statement. “Also, it’s clear to me that the demand for more impactful software testing is reaching an inflection point.”
Testlio has grown its workforce by 100% year over year, with a current workforce of 158 full-time employees. The company plans to increase its workforce by 79 additional employees in 2022. The company is currently recruiting for more than 30 full-time positions.
The company is distributed by design, with full-time employees worldwide and more than 10,000 freelancers testing products in more than 150 countries. The company is still hiring independent software testers.
The $ 12 million Series B round follows $ 7.5 million in seed and Series A funding.
Testlio said its annualized revenue rate was over $ 20 million this year. The company said it had increased revenue by 50% year-over-year and had been profitable for 10 consecutive quarters.
The new funding will be used to expand customer services, deepen platform capabilities, fuel brand awareness and expand its business footprint into new territories. The fundraising cycle also included side revenues for seasoned Testlio employees at all levels.
The oversubscribed funding round was led by Spring Lake Equity Partners and included participation from Series A co-leaders Altos Ventures and Vertex Ventures US. With the turn, Jeff Williams, partner at Spring Lake Equity Partners, joins Testlio’s board of directors.