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New Relic Inc. Raises $80 Million of Funding
Start-up New Relic Inc. added to its other venture funding $80 million from Insight Venture Partners and T. Rowe Price as new investor.
This round of funding will be used to fund monitoring app performance on mobile devices, expand into the mobile market and extend its operations into Europe. The San Francisco new web application performance tool show IT people real time performance of the web apps and the infrastructure (servers and networks).
The management of the company said that they are in a point where they wish to focus on the unique model and build an independent multibillion company.
Dragoneer Investment Group LLC, Passport Ventures LLC. Benchmark Capital, Tenaya Capital, Trinity Ventures, Allen & Company were included among the new participants of this round of funding.
The company almost tripled its revenue growth over the last year and doubled its customer base. For this year, the company plans to move its San Francisco headquarters to a larger facility, include mobile application management and open offices all over Europe.
New Relic wants to create a better mobile and web experience for its clients through fast and more reliable apps. The company presently has more than 35000 customers in over 36 countries, which is the largest customer base in its industry.
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