June 10, 2016
If you follow the tech world closely or watch HBO’s Silicon Valley, you know that cloud-based software has become one of the most popular investments on the market. Not only will it allow companies to access pertinent information from anywhere in the world, but it will also allow consumers to be more connected than ever before. This popularity might explain BitTitan‘s ability to remain funding-less for its nine years of existence. Until, of course, earlier today.
On Thursday, June 9th, BitTitan announced that they had raised $15 million in Series A. The investment primarily came from San Diego-based equity firm, TVC Capital, which typically provides capital for enterprise software companies. Those at BitTitan responsible for the influx of funds hope that it will provide more than enough capital to innovate and grow beyond their wildest dreams. Particularly after all the hard work they’ve put in to get this far.
“We have survived by bootstrapping until now,” said Geeman Yip, BitTitan’s founder and CEO, in an interview. “We have zero outside funding and no debt. Now, to raise this very large round in this very tough economy is a validation of what we’re doing. It feels amazing.”
BitTitan has been more than surviving these last nine years. Since its foundation, the company has grown top line revenue 50% to 100% in each of the last five years. There partnerships with blue-chip companies like Microsoft, Amazon, Google, IBM, HP, and Dropbox should be enough to prove that BitTitan was more than deserving of such a hearty investment.
“BitTitan is our largest Series A funding to-date,” said Steve Hamerslag, managing partner at TVC Capital, who received a seat on the board of BitTitan. “It is rare for a bootstrapped company to have achieved BitTitan’s degree of growth, and we regard this as a testament to Geeman’s fearless leadership and the exceptional management team he assembled. Serving on the board, I look forward to working with this proven and dynamic team as they continue to expand globally and help shape the cloud services market.”
This investment should in no way be viewed as a surrender on the part of BitTitan. While their ability to avoid outside funding until now is admirable, their exponential growth is far to impressive to go un-nurtured. The technology that will likely come about thanks to this investment should be more than enough proof that waiting for the right time is more important than anything.
Photo: Flickr / 401(K) 2012
Did you like this article?
Get more delivered to your inbox just like it!