Incredibuild powers up with $35M to boost its distributed, faster approach to games and software development

techcrunch.com:

Incredibuild, an Israeli startup that has picked up a lot of traction in the worlds of gaming and software development for a platform that drastically speeds up (and reduces the cost of) the shipment of code and related collateral during building and testing — has raised some capital to speed up its own development. The company has picked up $35 million in a Series B round of funding — money that it will be using for product development, as well as to strengthen its ecosystem with more investment into community, developer relations and cloud programs across more markets.

This all-equity round is being led by Hiro Capital, with past backer Insight Partners also participating. We understand from sources close to the startup that the money is coming with a doubling of its valuation: when Incredibuild last raised funds — $140 million in March 2021 led by Insight, which took a big stake in the company at the time — it was at a valuation of $300 to $400 million. The company has doubled its ARR in the last year, and although it doesn’t disclose the actual figure, this round likely puts its current valuation at close to $800 million.

If it sounds odd that a Series B would be so much smaller than the Series A, that’s in part because that previous round was a mix of debt and equity: the company had raised very little since being founded in 2000 and was profitable.

These more recent rounds have been to give the business — which counts companies like Epic, EA, Nintendo, Sony, Microsoft, Adobe and Citibank among its 1,000 customers — capital to build new products on top of those that were already doing well. (Hiro is a VC that focuses on gaming, creator platforms and metaverse technology; and so it can potentially help on that front.)

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