Atlassian doubles its venture capital fund to propel the SaaS ecosystem
Atlassian Corporation Plc (NASDAQ:TEAM), a leading provider of team collaboration and productivity software and maker of Jira, Confluence, Bitbucket and Trello products, has deployed over $110 million in capital funding -risks and now supports more than 30 organizations. 18 months since the launch of Atlassian Ventures.
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Global funding provides an opportunity for SaaS start-ups looking to work with Atlassian’s best-in-class cloud products and platforms. The company, passionate about the future of work and new ways to collaborate in the cloud, will also seek to tap into India’s growing SaaS startup ecosystem and the country’s rich talent pool. Globally, it sees India as a key market for innovation, having developed its Bangalore office into a world-class R&D center employing over 1,000 people in India in engineering, design, product management, etc.
Established in late 2020 with an initial investment of $50 million, the Atlassian Ventures team invests in companies in three priority areas where it can uniquely accelerate growth. First, early-stage startups building apps for Atlassian’s cloud products. Second, larger, growth-stage startups are deepening their partnerships with Atlassian; and third, Atlassian channel partners are building new cloud products and services that support the future of teamwork.
Head of Atlassian Ventures, Matt Sonefeldtsays, “Our goal for Atlassian Ventures is to create a world-class venture capital fund, not just a great corporate venture capital program. We measure our success by how well we help founders grow their business with Atlassian, and we’re excited to support great companies that drive collaboration for teams on the cloud. This year, we’ve built a dedicated team within Atlassian to support Ventures and our portfolio founders as we pursue a much bigger goal, many times larger than the $110 million invested today.”
Atlassian Ventures portfolio companies benefit from the mentorship of the Atlassian team and global exposure through its events and the capital they receive. The mentor meets with them regularly to check on progress, give advice based on their experience in the ecosystem, and help them overcome any obstacles they might face.
Highlighting the success of the venture capital fund, Dinesh Ajmera, Site Manager and Head of Engineering, India, Atlassian says, “A year and a half later, we’ve really seen the impact of this funding on the global ecosystem. We’ve seen tremendous growth across the portfolio, its partners seeing more integrated users, teams hiring talent or With the growing focus on the cloud and India being one of the biggest startup hubs in the world, we are committed to doing our part to ensure a vibrant ecosystem. see how innovative our ecosystem has been in addition to Atlassian products and we want to continue to drive their success and growth.”
Atlassian Ventures’ three primary focus areas are agile development, work management, and IT service management. Outside of these areas, corporate venture capital would also consider investing in start-ups operating in areas such as product-focused growth and diversity, equity and inclusion (DEI).
For more information on how to apply for funding, visit http://atlassian.com/company/ventures.
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