LaunchDarkly, a feature management platform for DevOps teams, said today it has raised $200 million in late-stage financing led by Lead Edge Capital LLC to scale up its core feature platform.

Also participating in today’s Series D round were new investors Top Tier Capital Partners and Insight Venture Partners as well as existing investors Bessemer Venture Partners, Redpoint, Threshold, Uncork Capital and Bloomberg Beta.

With this new funding, the company has tripled its valuation to $3 billion, up more than three times since its last funding round in January 2020 when the platform raised $54 million.

LaunchDarkly allows software development teams to release new software features gradually to any segment of users on any platform by standardizing safe releases at large scale by allowing developers to flag features for release. The platform gives DevOps teams tight control over feature management and access control across the entire development and operations pipeline.

“From our founding as the first enterprise feature management platform in 2014, to serving peaks of 20 trillion feature flags daily, it’s clear that feature management is a critical component in the future of software development,” said Edith Harbaugh, LaunchDarkly’s co-founder and chief executive.

Using the platform, it’s possible for the team to pick and choose which features they wish to release. With a series of flags, displayed as on-and-off toggles, used for choosing sections of code, it allows the DevOps team to pick and choose what they want to go out and to whom. It simplifies the whole nature of deployment down from an esoteric art to an easy-to-understand science.

Another use of feature management is the ability to segment features specific cohorts of users. For example, software developers could use it to separate out features for premium users from free users by flagging them — thus hiding those away. By flagging certain features for specific use cases and unflagging them for others, those features would only be activated in those circumstances and deactivated in others.

The company also boasted in its announcement that it was recognized in the Forbes Cloud 100 List for the second time. Earlier today the company earned the 47th spot in the listing, jumping up from the 100th place from 2020.

“The addressable opportunity for LaunchDarkly has grown tremendously,” said Avery Rosin, a principal at Lead Edge Capital. “Today, every company around the world is intensely focused on building digital experiences to support their products or services. LaunchDarkly’s mission-critical feature management platform enhances and optimizes these experiences in a reliable and powerful way.”

LaunchDarkly currently serves more than 2,000 customers across the world, including IBM Corp., GoDaddy Inc., SAP SE and Square Inc.

With the new capital, the company intends to expand its platform and accelerate customer acquisition, continue to expand globally and hire more engineers. It also plans to integrate with more services such as ServiceNow, Atlassian, Zendesk and Salesforce.

Image: LaunchDarkly