Kandji Raises $100M Series C at $800M Valuation

Kandji Secures $100 Million Series C Funding

The Apple device management startup, Kandji, has experienced substantial growth in both revenue and valuation, attracting significant investment. The company has announced a new $100 million Series C funding round, resulting in an $800 million valuation.

This valuation represents a tenfold increase compared to the company’s $21 million Series A round completed just last year. A subsequent $60 million Series B round was finalized in April of the previous year.

Investment Details and Growth

Tiger Global spearheaded the current investment, with contributions from Definition, Frontline Ventures, and existing investors including First Round Capital, Greycroft, Felicis Ventures, The Spruce House Partnership, B Capital Group, SVB Capital, and Okta Ventures.

To date, Kandji has raised over $188 million, with $181 million secured since October of last year.

Driving Factors Behind Success

Kandji provides a solution for medium-to-large organizations to effectively manage their Apple devices. Founder and CEO Adam Pettit attributes a surge in customer interest to the shift towards remote work during the pandemic.

The company’s revenue has demonstrated impressive growth, increasing by over 700% in the past year.

Expansion into European Markets

Growth within Europe has been a key contributor to Kandji’s success, prompting the opening of a London office. This expansion has significantly impacted the company’s overall revenue stream.

“We initiated operations in Europe and established a London office, with plans for rapid hiring,” Pettit stated. “Approximately 25% of our total revenue now originates internationally, despite minimal international marketing efforts.”

Attracting Larger Clients and Building Confidence

Kandji is also witnessing an increase in larger enterprise clients, who are gaining confidence in the company’s long-term stability due to the substantial investment received.

“As we’ve matured, we’ve been onboarding increasingly larger customers, and they are becoming assured of our sustained presence,” Pettit explained. “Managing these larger accounts necessitates more sophisticated teams, which we’ve been developing over the last six months.”

Company Growth and Culture

Currently, Kandji’s platform is utilized by over 1,000 companies. The company has expanded its workforce from 40 employees at the beginning of the year to over 250, with a goal of reaching 400 employees by next year.

Pettit previously emphasized the importance of fostering a diverse and inclusive company culture, starting with recruitment, and confirms this commitment remains unwavering.

“We actively implement various strategies to broaden our candidate pool, extending beyond our usual networks to reach individuals who might not otherwise be considered. The ability to hire remotely has also been instrumental in increasing the diversity of our applicant pipelines,” he said.

Remote-First Approach

Despite having offices in San Diego and London, Kandji operates as a remote-first company, and Pettit intends to maintain this approach in the future.