Cloud management software company HashiCorp filed its IPO paperwork with the SEC last week. The San Francisco-based company is seeking a valuation of more than $10b.
HashiCorp was founded in 2012 by University of Washington students Mitchell Hashimoto and Armon Dadgar. The company offers software that helps companies run a mix of both public and private cloud systems and has partnerships with Amazon’s (AMZN) AWS and Google’s (GOOG) Google Cloud. HashiCorp has some big-name investors behind it including Bessemer Venture Partners, Franklin Templeton (BEN), GGV Capital, IVP, and T Rowe Price (TROW).
HashiCorp is currently running at a loss, but it’s heading in the right direction. In the six-month period ending July 31st of this year, HashiCorp reported a net loss of $40.5m compared to $67.3m for the same period last year.
why it matters
In its IPO paperwork, HashiCorp listed the size of the offering at $100m, though this is a placeholder number that's expected to change. The software company raised $175m in its last funding round, which gave it a valuation of $5.1b.