(Bloomberg) — Finnish software startup Aiven has raised $210 million of new funding, giving the company cash to expand abroad and hire developers.
The Helsinki-based firm’s fresh investment round was led by Eurazeo SE, joined by funds and accounts managed by BlackRock Inc, and valued Aiven at $3 billion before accounting for the new money. Chief Executive Officer Oskari Saarenma said in an interview that the funds will be used to hire and expand abroad, and potentially for making its first acquisitions.
Founded in 2016, Aiven focuses on building tools for developers using open-source technologies to manage data. It has grown its headcount to about 400 people and has recently hired employees in Japan as it aims to expand into the Asia-Pacific and Latin America regions. Sales are on track to double this year thanks to clients such as sports retailer Decathlon SA and food delivery company Wolt Enterprises Oy, Saarenmaa said in an interview.
Aiven’s funding round — which is all equity and mainly primary investment — also offers a sign that some private technology companies are still getting financing even amid turbulent markets. Venture capitalists have been more hesitant to make deals as public technology stocks crater.
“There is a demand for the solutions that we’re creating,” Saarenmaa said. He added that the company aimed to eventually hold an initial public offering but it was not actively preparing for a market debut.
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